As Wall Street struggles to contend with the GameStop army led by Roaring Kitty, certain crypto memecoins are catching a bid. The GameStop tribute token (GME), based on Solana, is up 38% on Friday and it doesn’t look as though it’s done yet.
The WallStreetBets GameStop phenomenon
Those looking to stick it to Wall Street are getting onto the fast train that is GameStop stock. Early 2021 was the last time that a bunch of organised traders put Wall Street hedge funds to the sword. That particular short squeeze caused consternation as a supposedly easy target for the hedge fund shorters became a nightmare of epic proportions as the WallStreetBets movement bought up the price and piled on the misery.
More than three years later, the anti-Wall Street brigade is doing it all over 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 bet going long on GameStop, and many of his followers are jumping on board as well.
The price of GameStop on the New York Stock Exchange is currently at $46.55, but with a pre-market price currently registering more than $62, it could be explosive when Wall Street trading opens in the US.
$GME catches massive bid
What happens on Wall Street can have big repercussions in the world of crypto, and this is certainly the case here. The tribute memecoin $GME, based on the Solana platform, is also catching a massive bid. Up over 40% on Friday so far, and with a market cap of around $200 million, it is to be wondered just how far this thing can go.
Source: TradingView
Memecoins moving
Crypto memecoin traders are taking advantage of the GameStop interest to put their bets elsewhere in this niche. $BRETT is continuing to see a lot of buying as it surges more than 20% on the day so far.
$TRUMP is another beneficiary, although this could be more to do with politics and that namesake’s popularity than any particular stock or cryptocurrency. $TRUMP rose as much as 14% on Friday before falling back slightly.
Dog Wif Hat ($WIF) continues its uptrend and looks as though it is bouncing upwards again, while $FLOKI is still consolidating and is perhaps forming a bull flag after its recent nearly 50% price rise over the last several days.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
