- FLOKI AND WIF are up as much as 8% since the start of Asian trading hours.GameStop stock rallies have often preceded a rise in crypto meme coins.
As a seasoned crypto investor with a keen eye on meme coins and their correlation to stocks like GameStop, I’ve witnessed firsthand how these digital assets can experience significant price swings during periods of retail euphoria. The recent surge in GameStop since the start of Asian trading hours has once again put dog-themed tokens such as Floki (FLOKI) and dogwifhat (WIF) under the spotlight.Multiple canine-themed investments saw an upward trend on Tuesday, with GameStop (NYSE: GME) experiencing a substantial increase of over 19% during the pre-market session.
As a crypto investor, I’ve noticed some intriguing price movements this morning. Floki on Ethereum and Dogwifhat on Solana have surged by up to 8% since the Asian trading hours began. Meanwhile, Dogecoin has gained 2% in the last four hours, and Bonk, another Solana token, is up an impressive 5.5%.
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Meme tokens often mimic price fluctuations in shares like GameStop and AMC Entertainment Holdings (NYSE: AME). This correlation is observed by some investors who view these shifts as indicators of excitement, potentially sparking frenzied buying or selling actions related to specific stocks and meme coins.
As a crypto investor, I’ve noticed that back in 2021, Shisui, the developer behind Mog token, shared with CoinDesk his observation about the “Gamestop craze” influencing coins like Dogecoin and other meme tokens. His remarks suggest a potential recurrence of such market dynamics if Gamestop (GME) continues to generate buzz among retail traders.
In the second week of May, the values of cryptocurrencies like DOGE and FLOKI surged by approximately 30% due to a viral post from retail trader Keith Gill. The significant impact of Gill’s devoted fanbase was seen in the notable GameStop short squeeze incident that took place in 2021.
In early 2019, Gill, who had been dormant on his @TheRoaringKitty X social media account for nearly three years, suddenly reemerged. His previous post had been in 2016. During this hiatus, Gill amassed a small fortune of $58,000. By the end of 2021, his shrewd investment in GameStop (GME) options reportedly grew into an impressive estimated fortune of $50 million. This unexpected disclosure from Gill ignited a frenzy in the stock market.
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2024-05-28 13:41