A cryptocurrency named after GameStop Corp. ( GME ) , which jumped more than fivefold due to the firm’s Bitcoin (CRYPTO: BTC) treasury strategy, dramatically reversed course on Wednesday.

What happened: BNB Chain (CRYPTO: BNB)-based GameStop Coin (GME) tanked 94% in the last 24 hours, wiping out all of the gains from the previous day’s 467% rally. The meme coin exhibited rapid, short-lived rallies before eroding its entire value. 

It must be noted that the meme coin isn’t related to GameStop ( GME ) in any way but merely capitalizes on the hype surrounding the meme stock.

See Also: Jim Cramer Applauds GameStop For Acting On His ‘Bitcoin Ploy,’ CEO Ryan Cohen Can’t Help But React

Why It Matters: The pullback mirrored the movement of GameStop's ( GME ) shares, which tumbled 7.62% in after-hours trading after the company announced a $1.3 billion convertible debt offering.

The offering allows investors to convert bonds into a predetermined number of shares on or before April 1, 2030, potentially diluting shareholders' value.

In a recent filing, GameStop ( GME ) approved adopting Bitcoin as a treasury reserve asset and stated that it intended to support the purchases using cash, future debt, and equity issuances.

Price Action:   At the time of writing, GME was exchanging hands at $0.0001375, down 94% in the last 24 hours, according to CoinMarketCap.

Before the after-hours plunge, GME shares closed 11.7% higher at $28.36 during Wednesday’s regular session, according to data from Benzinga Pro.

The stock demonstrated high momentum—a measure of a stock's relative strength based on its price movement patterns and volatility—as of this writing.  Visit Benzinga's Edge Rankings score to identify stocks with a higher momentum score.

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