After the group photo was released, GameStop's stock price rose 9.7% in a single day, temporarily halting its recent decline.

Author: Ting, BlockTempo

I wonder if everyone remembers the 2021 retail investor-led short squeeze of Wall Street known as the "GameStop short squeeze." At that time, the American video game retailer GameStop was struggling due to its outdated business model and the impact of the COVID-19 virus, leading to multiple Wall Street institutions shorting its stock.

However, a user on X named TheRoaringKitty (real name Keith Gill) called on retail investors to actively buy GameStop shares (GME) to counter Wall Street capital. The company's stock price skyrocketed from a low of $2.57 to $483 in a short period (an increase of about 190 times), creating a historic scene of retail investors squeezing Wall Street giants.

Is GameStop looking to enter Bitcoin?

After experiencing a meteoric rise, GameStop's price has continued to decline in recent years, with a low of nearly $10 per share last April. Notably, GameStop CEO Ryan Cohen tweeted on the 8th with a photo alongside Michael Saylor, the founder of Strategy (formerly MicroStrategy).

This led to widespread speculation in the market about whether Ryan Cohen was discussing Bitcoin investment strategies with Saylor and whether GameStop intended to enter the Bitcoin and cryptocurrency space.

Although Ryan Cohen has not publicly responded as of now, the inherent "retail uprising" nature of GameStop aligns with the cryptocurrency realm's ideals of "anti-centralization and anti-authoritarianism," which has drawn significant market attention to the potential chemistry between the two.

Additionally, possibly influenced by Ryan Cohen's tweet, GameStop's stock (GME) closed at $27.12 yesterday (10th), with a remarkable increase of 9.7%, temporarily stopping its recent decline.

GameStop's meme coin $GME surges 51% in the last 24 hours

On the other hand, the Ethereum-based meme coin $GME also began to rise after Ryan Cohen's tweet, with its price increasing from $0.0001032 to a high of $0.0002079, marking a 101% increase. As of now, $GME is reported at $0.0002027, with a 24-hour increase of 51.01% and a market cap of $82.3 million.

Additionally, the Solana-based meme coin GME also saw an 8.54% increase in the last 24 hours; however, related meme tokens modeled after TheRoaringKitty did not show significant fluctuations.

However, it is still difficult to say whether GameStop will make a decision to enter Bitcoin. BlockTempo reminds investors that meme coins are highly volatile and advises caution.

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