In the wake of GameStop’s latest surge, the meme coin market has experienced a significant boost. On Monday, May 13, GameStop’s stock price soared by 75% to $30.45, with an additional 21% increase in aftermarket trading. This explosive rise also triggered a 2200% rally in the GameStop meme coin over 24 hours, leading to a wider market rally. This rally mirrors the 2021 phenomenon when Reddit traders, led by Keith Gill, drove GameStop’s stock price up over 1,000% in a month. This recent surge caused hedge funds engaged in short selling to incur nearly $1 billion in losses, as reported by S3 Partners.