PEPE hits record high as Gamestop meme trading returns

Pepe, a frog-themed memecoin, soared to a record peak value of US$0.00001118 on Tuesday, according to CoinGecko data.

Pepe was the only token in the green across 24 hours among the top 30 cryptocurrencies by market capitalization, as of 10 a.m. ET.

Pepe’s surge came amid the return of a meme trading frenzy involving stocks of Gamestop (GME), a U.S. video game retailer.

GameStop experienced a dramatic surge of nearly 100% on Tuesday, though it later retreated from these highs.

This upswing built on a 74% increase from Monday. During Monday’s trading, the stock at one point soared up to 110%, leading to multiple trading halts due to its volatility.

GameStop’s shares surge was sparked by the return of Keith Gill, also known by his online alias “Roaring Kitty.” Gill’s enthusiastic endorsement of GameStop played a pivotal role in triggering the meme stock phenomenon in 2021.

Alongside GameStop, theater chain AMC (AMC) also saw its shares climb significantly on Monday.

On Tuesday, AMC’s stock surged approximately 120% in early trading sessions. According to a filing with the SEC, AMC issued around 72.5 million new shares, successfully raising about $250 million for the company.

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