"Dogecoin Also Joins"... Meme Market Explodes on GameStop's 'eBay' Acquisition Proposal

▲ GameStop, Dogecoin (DOGE), eBay/AI generated image

As the official Dogecoin (DOGE) account also reacted to GameStop's $56 billion acquisition proposal for eBay, the intersection of meme stocks and meme coins once again drew market attention.

According to cryptocurrency media outlet Benzinga on May 5 (local time), the official Dogecoin X (formerly Twitter) account referenced an interview where GameStop CEO Ryan Cohen explained the figures and financing structure of the eBay acquisition proposal. The Dogecoin account stated, "Meme stock CEO doing meme stock things. Game recognizes game."

This remark came amidst growing controversy surrounding Cohen's interview both inside and outside the market. It was reported that in an interview aired on Monday, Cohen repeatedly responded to key questions regarding financing, shareholder value, and GameStop's business operations by telling viewers to check the company's website instead of answering directly.

GameStop, a company with a market capitalization of approximately $11 billion, garnered market attention by making a $56 billion acquisition proposal for eBay. GameStop secured an economic interest equivalent to a 5% stake in eBay and obtained third-party acquisition financing of up to $20 billion from TD Securities.

However, the market sees a low probability of the deal going through. Participants in Polymarket betting reflected a 16% chance of the deal succeeding in the market titled "Will GameStop acquire eBay?" Benzinga reported that Dogecoin's reaction viewed GameStop's large acquisition proposal and Cohen's interview attitude as an extension of meme stock culture.

GameStop's stock price rose by 1.64% in regular trading on Tuesday but fell by 0.45% in after-hours trading. Year-to-date, GameStop's stock price has increased by 20%. Dogecoin rose by 3.30% over a 24-hour period, and GameStop's eBay acquisition proposal emerged as a market event that simultaneously garnered reactions from both meme stock and meme coin communities.

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