GameStop (GME) saw a significant 19% stock price surge after completing its $933 million share sale.
Following the recent stock price breakdown of GameStop (GME) and the statement made by the business to sell a large percentage of its shares, the meme stock has once again defied predictions by seeing a significant price surge.
This unforeseeable turn of events has not only garnered a great deal of attention across the trading scene, but it has also prompted speculation regarding the likelihood that it will have an effect on other financial products that are based on memes.
When looking at the hourly time frame charts, it is interesting to note that the spike in the price of GME’s stock coincided with a similar rising trend in notable meme coins within the cryptocurrency arena. This concurrent activity, which includes the announcement of a 19% price increase in GME and meme coins gaining upward velocity, has attracted global curiosity.
Meanwhile, earlier this month, a meme coin frenzy was also triggered, particularly in line with GME’s surprising resuscitation.Walter, the correspondent for Bloomberg Global Markets and Economics, also brought to light a fascinating occurrence over the previous few days, which appears to have been the primary factor contributing to GameStop’s price increase.
According to data collected before the market opened, GME experienced an almost 19% increase after the company’s plans to sell shares worth $933 million were completed. The investors have been completely caught off guard by this big price spike. GameStop has advanced its plans to sell 45 million shares by partnering with Jefferies LLC for open market sales.
Furthermore, upon closer inspection, it was discovered that according to the United States Securities and Exchange Commission’s Form 8-K, which was dated May 24th, GameStop Corporation (the “Company”) announced that it had sold “45,000,000 shares of its common stock registered under the ATM (At-the-Market) Program for aggregate gross proceeds (before commissions and offering expenses) of approximately $933.4 million.”Considering this history, today marks a significant day for GME, as its price has surged by 19%.
Pre-market stock prices were $22.61, representing a 19% increase, according to data provided by NASDAQ.Meanwhile, the meme coin industry has witnessed significant price increases, coinciding with the disclosure of GME’s price increase, which has been gradually entering the market.
Even though the gains for the top three meme cryptocurrencies by market value have remained negative over the past 24 hours, the hourly time frame charts indicate that there is considerable upward momentum for a stockpile of meme coins.
Notably, the price of Dogecoin (DOGE) increased by 0.85% during the last hour, reaching $0.1665. For the past hour, Shiba Inu (SHIB) has increased by 1.49%, reaching a price of $0.00002528. During the same time period, the value of the Pepe coin increased by 2.37%, reaching $0.00001676.
In addition, the prices of WIF, FLOKI, and BONK all increased by three to five percent inside the hourly time period charts. This price pump’s appearance, which coincided with the surge in GameStop’s stock price, has captured the attention of businesses all over the world.