GameStop Coin (GME) skyrockets 467% after the video game retailer adopted Bitcoin as a treasury reserve asset

A memecoin named after GameStop Corp. (NYSE:GME) is trading with triple-digit gains on Tuesday.

What Happened: BNB Chain-based GameStop Coin (GME) soared 467% in the last 24 hours, dwarfing returns by blue-chip cryptocurrencies like Bitcoin (BTC/USD) and Dogecoin (CRYPTO:DOGE).

The latest uptick widens the coin's monthly returns to an astounding 422781.61%. However, a cursory glance at its trajectory reveals periods of short-term rise followed by sharp collapse, highlighting its speculative nature.

It's worth noting that the cryptocurrency isn't tied to GameStop in any way but seeks to capitalize on the hype surrounding the meme stock.

See Also: Elizabeth Warren Questions Trump’s SEC Pick Paul Atkins On FTX Ties, TRUMP Memecoin Conflict Of Interest

Why It Matters: The surge comes after the company's board unanimously approved an update to its investment policies to add Bitcoin, the world's largest cryptocurrency by market capitalization, to its reserves.

The decision culminates weeks of speculation around GameStop's foray into Bitcoin investments. Last month, the firm's CEO, Ryan Cohen, posted a picture with Michael Saylor, founder of the world's biggest Bitcoin Treasury company, Strategy.

The company reported its fourth-quarter earnings after Tuesday's market close, with adjusted earnings of 30 cents per share, beating analyst estimates of eight cents per share. It reported a fourth-quarter revenue of $1.283 billion, missing the consensus estimate of $1.48 billion.

Price Action: At the time of writing, GME was exchanging hands at $0.001858, up 467% in the last 24 hours, according to CoinMarketCap.

Shares of GME rose 8.27% in after-hours trading, after closing 0.82% lower at $25.40 during Tuesday's regular session, according to data from Benzinga Pro.

GME demonstrated high momentum—a measure of a stock's relative strength based on its price movement patterns and volatility—as of this writing. Benzinga's Edge Rankings score could help you identify stocks with higher momentum.

Benzinga Note: Investing in meme coins and cryptocurrencies is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading activity. It's crucial to conduct thorough research, understand the inherent volatility of meme coins and cryptocurrencies, and invest only what you can afford to lose.output: A memecoin named after GameStop Corp. (NYSE:GME) is trading with triple-digit gains.

What Happened: BNB Chain-based GameStop Coin (GME) soared 467% in the last 24 hours, dwarfing returns by blue-chip cryptocurrencies like Bitcoin (BTC/USD) and Dogecoin (CRYPTO:DOGE).

The latest uptick widens the coin's monthly returns to an astounding 422781.61%. However, a cursory glance at its trajectory reveals periods of short-term rise followed by sharp collapse, highlighting its speculative nature.

It's worth noting that the cryptocurrency isn't tied to GameStop in any way but seeks to capitalize on the hype surrounding the meme stock.

See Also: Elizabeth Warren Questions Trump's SEC Pick Paul Atkins On FTX Ties, TRUMP Memecoin Conflict Of Interest

Why It Matters: The surge comes after the company's board unanimously approved an update to its investment policies to add Bitcoin, the world's largest cryptocurrency by market capitalization, to its reserves.

The decision culminates weeks of speculation around GameStop's foray into Bitcoin investments. Last month, the firm's CEO, Ryan Cohen, posted a picture with Michael Saylor, founder of the world's biggest Bitcoin Treasury company, Strategy.

The company reported its fourth-quarter earnings after Tuesday's market close, with adjusted earnings of 30 cents per share, beating analyst estimates of eight cents per share. It reported a fourth-quarter revenue of $1.283 billion, missing the consensus estimate of $1.48 billion.

Price Action: At the time of writing, GME was exchanging hands at $0.001858, up 467% in the last 24 hours, according to CoinMarketCap.

Shares of GME rose 8.27% in after-hours trading, after closing 0.82% lower at $25.40 during Tuesday's regular session, according to data from Benzinga Pro.

GME demonstrated high momentum—a measure of a stock's relative strength based on its price movement patterns and volatility—as of this writing. Benzing