A cryptocurrency named after GameStop Corp. GME blasted to triple-digit gains Wednesday after the video game retailer announced plans to raise over a billion dollars for investment purposes.

What happened: BNB Chain BNB/USD-based GameStop Coin (GME) soared a whopping 532% in the last 24 hours, defying the broader market correction. The memecoin recorded a significant surge in trader interest, with volume jumping by 53%.

GME outperformed blue-chip cryptocurrencies like Bitcoin BTC/USD and Dogecoin DOGE/USD, which fell 1.21% and 2.30%, respectively.

Note that the token is unrelated to GameStop and merely seeks to capitalize on the hype surrounding the meme stock.

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