The meme stock mania has taken the investment world by storm, with GameStop (GME) and AMC prices skyrocketing in a matter of days. GameStop shares surged 74% on Monday, while AMC stock rose more than 78% by Tuesday, with both stocks roughly doubling in price.
This frenzy has left traders in disbelief and has reignited discussions about the potential impact on the meme coin sector. According to reports, the surge was fueled by the infamous “Roaring Kitty” account, run by Keith Gill, sharing a meme on X after a three-year hiatus.
The financial analytics platform Watcher Guru reported that short sellers of GameStop (GME) and AMC Entertainment have suffered substantial losses amounting to over $5 billion in just two days.
And just an hour ago they reported what happened with GME and AMC on Tuesday, as seen in their tweet below.
JUST IN: GameStop $GME and $AMC Entertainment closed up 61% and 32% today.
— Watcher.Guru (@WatcherGuru) May 14, 2024
The stocks were halted 38 times combined.
As the meme stock craze unfolds, CaptainAltcoin reported that the meme coin Pepe price hit a new all-time high today, raising speculation about whether the meme coin sector could be the next to experience a similar explosion.
However, while the meme stock frenzy continues to captivate investors, the meme coin sector appears to be cooling off, with most top meme coin prices currently in the red. Only the prices of PEPE and FLOKI are in the green, according to CaptainAltcoin’s report. That being said, Solana meme coin Gamestop (GME) price did explode by 2,600% this week.
The meme stock phenomenon has once again highlighted the unpredictable nature of the market and the potential for unexpected price movements driven by social media trends and retail investor sentiment. As the GameStop (GME) and AMC price rallies continue to unfold, investors are closely watching to see if the meme coin sector will follow suit or remain relatively unaffected by the meme stock mania.
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Show more +While some believe that the meme stock frenzy could spill over into the meme coin market, others remain cautious, citing the inherent volatility and speculative nature of both meme stocks and meme coins. Nonetheless, the events surrounding GameStop (GME) and AMC have reignited discussions about the potential for meme coins to experience similar price explosions
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