Recently, two memecoins, GME and Roaring Kitty, experienced significant increases while the stock of GameStop, the video game retailer they're associated with, faced a notable drop. The GME token rose by about 10% in the past 24 hours to reach $0.007, as per CoinGecko. In contrast, GameStop's shares fell by approximately 20%, closing at $22.22, down from highs above $64 earlier in the week.

It's important to note that these memecoins, despite sharing the same ticker symbol, are not connected to GameStop in any official capacity. Similarly, Roaring Kitty, another memecoin named after Keith Gill's famous online persona, surged by 42% to $0.008. Keith Gill gained prominence during the GameStop short squeeze of 2021, where the company's shares skyrocketed due to retail investor activity on platforms like Reddit's r/WallStreetBets.

Despite recent attention, both the GME and Roaring Kitty tokens remain separate entities from GameStop and Keith Gill's personal accounts. Notably, after Keith Gill resumed posting on social media after a lengthy absence, the Roaring Kitty memecoin saw a staggering 460% increase to $0.17 on May 14.

In its latest financial update, GameStop reported preliminary first-quarter results, indicating a nearly 29% decrease in net sales compared to the previous year, with expected losses ranging from $27 million to $37 million. The company's cash and marketable securities also declined, now estimated between $1.073 billion and $1.093 billion, down from $1.310 billion last year.

Additionally, GameStop filed with the SEC to issue 45 million shares of common stock to investment bank Jefferies, marking another strategic move amidst the evolving financial landscape for both the company and associated memecoins.