Meme Coins Are Rising With Wall Street Wind This Time

The rise in GameStop shares, which can be considered Wall Street's meme coin, was also reflected in the cryptocurrency market.

The stock of GameStop, listed on NASDAQ, rose around 40% on May 28. This rise also led to the rise of meme coins named GME and KITTY, which reference GameStop.

According to CoinGecko's crypto price data, GME and KITTY are up 18.7% and 55% respectively. GME and KITTY have no official ties to the GameStop company.

The comeback of Keith Gill, known as TheRoaringKitty and who started an epic trend on GameStop shares in 2021, on May 13 was the first factor that ignited GME and KITTY. Throughout this process, meme coin investors' eyes were constantly focused on GameStop shares.

On the other hand, the meme coin craze in the cryptocurrency market is not limited to GME and KITTY, but has also hosted dazzling rises in projects such as Floki (FLOKI) and Shiba Inu (SHIB).