One of the top investing stories of 2021 was the short squeeze that took place with video game retailer GameStop Corporation (NYSE:GME). Retail investors took on hedge funds and short sellers in an epic David vs. Goliath battle.
Fast-forward to 2024, and a recently launched memecoin based on GameStop has experienced a surge in value, garnering increased interest.
What Happened: An unofficial memecoin based on GameStop was recently released to pay tribute to the anniversary of the short squeeze that happened with the video game retailer stock.
Trading with the same GME ticker, the GME Coin (CRYPTO:GME) is a Solana (CRYPTO: SOL) based memecoin.
“The $GMEStop memecoin pays homage to the GameStop saga anniversary, showing we can stand up to the big guys together,” the coin’s website reads.
The website said the coin is a movement, a display of community and shows the “power of the underdog.”
“$GMEStop memecoin embodies the essence of that historic rebellion against financial titans, channeling the raw energy and incredible support that defined the GameStop mania.”
The coin’s website promises that its movement will be different than the GameStop short squeeze with “no halts, no restrictions, no market manipulation.”
Along with the coin’s launch coinciding with the anniversary of the short squeeze for GameStop stock which happened in January 2021, the launch came as a movie based on the events saw increased attention.
The movie “Dumb Money,” was adapted from the book “The Antisocial Network: The GameStop Short squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees,” written by Ben Mezrich.
Produced and distributed by Sony Group Corp (NYSE:SONY), the movie was released in theaters in September 2023. During its theatrical run, the movie grossed $13.9 million domestically and $20.7 million worldwide.
The movie recently was added to streaming platform Netflix Inc (NASDAQ:NFLX) on Jan. 21, broadening its accessibility to a larger audience.
During its first week on Netflix, the movie was the eighth most watched English-language film with 6.1 million hours watched and 3.5 million viewers. The movie became a trending topic on social media, potentially setting the stage for the coin’s launch at an opportune time.
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