Memecoins
This Week in Coins: GameStop Surge Spurs Meme Coin Mania and Bitcoin Ends in Style
What a week it’s been.
The return Sunday evening of Roaring kitten has led to a trading frenzy, with a rise in meme stocks and digital coins and tokens.
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 exploded as traders moved to buy back the original meme stock.
Roaring Kitty – real name Keith Gill, aka DeepFuckingValue on Reddit – started the meme stock trading craze in 2021, inspiring amateur traders to buy shares of dying companies.
His message on Sunday made traders want to get in on the action again. GameStop stock has since then I have dived as the short-lived frenzy faded, but at one point this week it rose more than 200%, according to NYSE data.
The return of Roaring Kitty also led to an increase in the number of piece of money trade. As is usually the case, the crypto world has offered traders even bigger gains than the stock market.
SolanaThe GME-based tribute token exploded, reaching new highs before falling sharply again. This is still a considerable rising amount and is now trading at $0.0046, up 707% over seven days. Solana itself is the biggest gainer among the top 10 coins by market cap, up 19% over the week to $172 at the time of writing.
The main cryptocurrencies like Dogecoin also increased with the return of the craze. The 10th largest digital asset has seen strong gains this week, up 6% currently priced at $0.152. But small-cap memes are among the biggest winners. Floki And Pepe jumped 17% and 10% respectively last week.
And who can forget Bitcoin? The asset had been on a slow rise until Wednesday, the U.S. Bureau of Labor Statistics data deleted showing that inflation was not as high as expected in April.
This increases the chances of a Fed rate cut this year – and is bullish for the biggest digital asset. THE Bitcoin price is now at $66,830, up 10% in seven days, according to CoinGecko, the highest since reduce by half event in April.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.