index
As Wall Street struggles to take on the GameStop army led by Roaring Kitty, certain cryptocurrency memecoins are getting bids. The Solana-based GameStop tribute token (GME) rose 38% on Friday, and it doesn't look like it's done yet.
WallStreetBets GameStop Phenomenon
Those looking to stick with Wall Street are riding the fast train that is GameStop stock. Early 2021 marked the last time large groups of organized traders put Wall Street hedge funds to the sword. That particular short squeeze caused consternation as what was seen as an easy target for hedge fund shorts became a nightmare of epic proportions as the WallStreetBets movement bought up the price and piled on the misery.
Now, more than three years later, anti-Wall Street groups are doing it all again. Influencer “Roaring Kitty,” one of the key players in the 2021 GameStop short squeeze, is behind the move. He has a personal $116 million long bet on GameStop, and many of his followers are joining in as well.
The price of GameStop on the New York Stock Exchange is currently $46.55, but the pre-market price is currently above $62, so it could see an explosive rise when Wall Street trading begins in the United States.
$GME Spots Massive Bidding
What happens on Wall Street can have a big impact on the cryptocurrency world, and that certainly is the case here. $GME, a tribute memecoin based on the Solana platform, is also receiving large bids. It's up more than 40% so far on Friday, and with a market capitalization of around $200 million, I wonder how far this could go.
Source: TradingView
Moving Meme Coin
Cryptocurrency memecoin traders are capitalizing on the attention from GameStop to bet elsewhere in this niche. $BRETT continues to see a lot of buying, surging more than 20% on the day so far.
$TRUMP is another beneficiary, but this may have more to do with politics and the popularity of its namesake than with any specific stock or cryptocurrency. $TRUMP rose as much as 14% on Friday before falling slightly.
Dog Wif Hat ($WIF) continues its upward trend and is on the rise again, while $FLOKI is still going strong and appears to be forming a bull flag after a nearly 50% price increase in recent days.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
Investment Disclaimer
