A memecoin named after GameStop Corp. GME skyrocketed to triple-digit gains Tuesday after the video game retailer adopted Bitcoin BTC/USD as a treasury reserve asset.

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

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

Note 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 came 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 culminated 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

Photo Courtesy: ddRender on Shutterstock.com

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