As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of market phenomena that have caught the world by surprise. The WallStreetBets GameStop phenomenon is one such event that has once again reminded us of the power of retail traders and their ability to move markets.
Wall Street faces challenges in dealing with the powerful movement spearheaded by Roaring Kitty and the GameStop community, resulting in a surge of interest in certain memecoins based on cryptocurrency. One such token, known as the GameStop homage token (GME), built on Solana, experienced a significant increase of 38% on this very day, and it appears that this upward trend may continue.
The WallStreetBets GameStop phenomenon
Individuals aiming to challenge Wall Street’s dominance have jumped aboard the rapidly gaining GameStop stock bandwagon. In early 2021, an organized group of traders successfully took on hedge funds by exploiting a short squeeze. This unexpected event caused turmoil as a seemingly simple target for hedge fund short-selling transformed into a painful and monumental ordeal. The WallStreetBets community fueled the price surge and added to the misery of the hedge funds.
As an analyst looking back over the past three years, I’ve observed that the anti-Wall Street movement, which gained significant attention during the 2021 GameStop short squeeze, is once again making headlines. One of its key figures, influencer “Roaring Kitty,” is leading the charge with a substantial investment. His personal bet, worth $116 million, is long on GameStop. Many of his dedicated followers have followed suit and joined this latest movement.
At the New York Stock Exchange, GameStop is valued at $46.55 as of now. However, prior to market opening in the US, the stock’s pre-market value exceeds $62. This implies a potential surge in value when regular Wall Street trading commences.
$GME catches massive bid
On Wall Street, events can significantly impact the cryptocurrency sphere, as demonstrated by the current situation. The memecoin $GME, which runs on the Solana platform, has experienced a substantial surge in value. As of Friday, its price had risen by over 40%, and with a market capitalization of roughly $200 million, it leaves one pondering the potential extent of this trend.
Memecoins moving
As a researcher studying the crypto market, I’ve noticed an intriguing trend among memecoin traders. With the recent frenzy surrounding GameStop, these traders are seizing the opportunity to shift their focus and place their bets in other niche areas. One such coin that’s currently experiencing significant buying pressure is $BRETT, which has surged more than 20% on the day so far.
Trump saw a significant surge of up to 14% in value on Friday, which might be more related to his political influence and recognition rather than any specific stock or cryptocurrency.
The price of Dogecoin ($WIF) is on an upward trajectory once more, appearing to rebound after a brief pause. In contrast, Shiba Inu ($SHIB), also known as FLOKI, has yet to resume its uptrend and may be forming a bull flag following its significant 50% price surge in the past few days.
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2024-06-07 12:36