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What a week it has been.
The return on Sunday evening Roaring kitten led to a trading frenzy, with a surge in meme stocks, digital coins and tokens.
The Internet star and financial analyst posted on Twitter (aka X) for the first time in almost three years. By Monday morning, GameStop’s price had skyrocketed as traders decided to snap up the original meme stock.
Roaring Kitty—real name Keith Gill, aka DeepFuckingValue on Reddit—kickstarted the meme stock trading craze in 2021, inspiring amateur traders to buy shares of dying companies.
His post on Sunday has traders wanting to get back into the action. GameStop stock has since I took a dive as the short-lived frenzy faded, but at one point this week it was up more than 200%, NYSE data show.
The return of Roaring Kitty also led to a surge memetic currency trade. As is usually the case, the world of cryptocurrencies has provided traders with even greater gains than the stock market.
SolanaThe GME tribute token skyrocketed, hitting new highs before falling sharply again. It is still up huge and is now trading at $0.0046, a 707% increase in seven days. Solana itself is the biggest gainer among the top 10 coins by market capitalization, up 19% on the week to $172 at the time of writing.
The main cryptocurrencies such as Dogemoneta it also increased as the craze returned. The tenth largest digital asset has posted solid gains this week, up 6% currently priced at $0.152. But smaller-cap memes are some of the biggest gainers. Floki AND Pepper they increased by 17% and 10% respectively last week.
And who can forget Bitcoin? The asset was slowly climbing until the U.S. Bureau of Labor Statistics on Wednesday lost data showing that inflation was not as high as expected in April.
This raises the possibility of a Fed rate cut this year and is bullish for the largest digital asset. THE price of Bitcoin is now at $66,830, up 10% in seven days, according to CoinGecko – the highest level since inception halving event in April.
By Andrea Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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