Memecoins
GameStop’s Surge Is Reigniting Cryptocurrency Memecoin Mania: Here Are the Winners – DL News
GameStop is on the rise. Still.
So-called meme stocks rose 40% in premarket trading in New York, following a huge 74% rise yesterday.
The move comes after Keith Gill, better known as Roaring kittenbroke a nearly three-year hiatus on social media that sparked a market frenzy.
Movie theater chain AMC is also on the rise again, posting a 54% gain in the premarket.
The moves mirror the early 2021 trading mania that sent shares of money-losing company GameStop to a record $81.
GameStop closed at around $30 yesterday.
The new rise of GameStop has also excited cryptocurrency investors.
Today’s biggest winners are Pepe, which rose 18% to hit a new all-time high, and its fellow memecoin Floki, which rose nearly 10%.
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GameStop, the memecoin, not to be confused with GameStop stock, rose 354% to around $0.0138.
Oddly enough, major memecoins like heavyweights Dogecoin and Shiba Inu are up just 3% and 0.5%, respectively.
Newcomers Dogiwifhat and Bonk posted similarly modest gains.
The phenomenon is provoking mixed reactions.
“Cryptocurrencies have lacked new retail players all along the way,” said Lekker Capital founder Quinn Thompson DL News.
“It makes sense that crypto memes would do this take a bid on hopes” that retail is coming backThompson added.
The “brutality” of the cryptocurrency winter and the collapses of FTX and Celsius have not helped retail participation, he said.
But will it last?
“The return of Roaring Kitty is bearish for cryptocurrencies” because it is shifting focus away from space, Wintermute CEO Evgeny Gaevoy posted on X.
“The last time GameStop topped out after its giga rally, Dogecoin rose 100x in three months,” cryptocurrency trader Zion Thomas wrote on X.
Better known as Ansem, Thomas is credited with reporting smart calls to his 400,000 followers. In particular, he touted Solana during its 2022 lows and Dogwifhat in its early days.
Both have soared since then.