A memecoin named after GameStop Corp. (NYSE:GME) skyrocketed to triple-digit gains Tuesday after the video game retailer adopted Bitcoin (CRYPTO: BTC) as a treasury reserve asset.
What happened: BNB Chain (CRYPTO: BNB)-based GameStop Coin (GME) soared 467% in the last 24 hours, dwarfing returns by blue-chip cryptocurrencies like Bitcoin and Dogecoin (CRYPTO: DOGE).
The latest uptick widened the coin’s monthly returns to an astounding 422781.61%. However, a cursory glance at its trajectory revealed periods of short-term rise followed by sharp collapse, indicating its speculative nature.
Note that the cryptocurrency isn’t tied to GameStop in any way but seeks to capitalize on the hype surrounding the meme stock.
See Also: …
Full story available on Benzinga.com