Two memecoins attempting to profit from GameStop's popularity saw a price increase following the company's rise in share price.

According to CoinGecko, the cryptocurrencies GME and KITTY jumped by 18.7% and 55%, respectively. As of 4:36 p.m. ET (20:36 UTC) on May 28, GME was priced at $0.0047 and KITTY at $0.0035.

These price increases occurred alongside GameStop's stock, which was trading at $23.78 at 4:19 p.m. ET (20:19 UTC) on May 28, having risen 25.16% in the last 24 hours, according to NYSE.

It's important to note that neither token is officially associated with GameStop.

GME uses the same ticker symbol as GameStop stock, while KITTY is named after Roaring Kitty, the online alias of former financial analyst Keith Gill, who played a significant role in the GameStop short squeeze three years ago.

Ongoing Memecoin Growth

Memecoins have seen substantial growth over the past year, according to Rebecca Stevens, Senior Research Analyst at The Block. The GMCI memecoin index indicates that memecoins increased by 2.26% in the past day, 41.4% over the past month, and 310% year-to-date.

Stevens noted in The Block's Data & Insight newsletter that "the MEME index continues to dramatically outperform its peers after its stellar rally in early March. While memecoin hype did slow a bit over the past month, the index retained much of its gains, having traded below 100 at the start of the year."

Stevens also mentioned that while the Top 30, Layer 1, and DeFi indices have surged over the past week, only the Meme index is close to its previous high reached in March. The Layer 2 and DePIN indices have remained mostly flat.