The GameStop "meme stock frenzy" has turned into the "meme coin frenzy."

What Happened: The $GME-tickered meme coin is up 330% over the past 24 hours.

At the time of writing, $GME is setting a preliminary all-time high of over $40 million in market capitalization. 

The surge is fueled by an — even by meme coin standards — impressive surge in interest on social media.

The $GME ticker is trending on X (formerly Twitter), with 54,800 posts in the last 24 hours.

The token has flipped the eponymous stock in trading volume, with $22.3 million traded over the past 24 hours, according to DexScreener. It also spawned a new social media profile, as the previous profile had been banned over the weekend. The profile has already amassed over 2,500 followers.

Why It Matters: Jack Niewold, founder of crypto-native research firm Crypto Pragmatist, wondered what GameStop's ceiling is:

I'm beginning to think that $GME (the shitcoin, $21.9m market cap) could flip actual Gamestop (the stock, $4.5b market cap)

— Jack Niewold

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