GameStop-Themed Crypto Rallies 50% After Ryan Cohen Posts Intriguing Photo With Bitcoin Bull Michael Saylor

Cryptocurrencies themed on video game retailer GameStop Corp. GME were up in the green Monday, buoyed by interest in CEO Ryan Cohen’s picture with Strategy co-founder Michael Saylor.

What happened: Ethereum ETH/USD-based GameStop soared nearly 50% in the last 24 hours, with its trading volume surging by 37% to $1.83 million, according to CoinMarketCap.

Cryptocurrency	Gains +/-	Price (Recorded at 10:30 p.m. ET)
GameStop (GME)	+49.52%	$0.0001924
GmeStop (GME)	+3.54%	$0.001948

The rise alleviated some of the coin’s problems, which had lost more than 33% over the last month.

Similarly, Solana SOL/USD-based GmeStop, with a much lower market capitalization, rose over 3% in the last 24 hours.

It's worth noting that these coins aren’t directly tied to GameStop but rather seek to capitalize on the hype surrounding the meme stock.

The uptick comes after Cohen posted a picture with Saylor on X over the weekend, spurring speculations that the company could be leaning toward Bitcoin BTC/USD investments.

Strategy, formerly known as MicroStrategy, is the largest corporate holder of Bitcoin, and Saylor is known for consistently pushing for the asset's adoption.

GameStop has been one of the most popular retail stocks in the last few years, helped by the historic 2021 meme stock craze that saw the stock squeeze higher. Keith Gill, also known as “Roaring Kitty," has been influencing GameStop price action with cryptic posts on X.

Price Action: Shares of GameStop soared 9.66% to $27.12 during Monday’s regular session and were up 0.99% in after-hours trading, according to data from Benzinga Pro.

Photo by Igor Faun on Shutterstock

Read Next: