Trading Memes: Dogecoin Still Outperformed GameStop Over the Last Week

Meme
stock
mania
returned
last
week,
and
was
the
talk
of
the
town
on
Wall
Street.
But
while
the
craze
appears
to
have
died
down,
coins
like
Dogecoin—the
leading
meme
coin
by
market
cap—are
still
winners.

The
price
of
Dogecoin
over
the
past
seven
days
has
risen
nearly
2%,
according
to
CoinGecko.
The
Elon
Musk
favorite
and
10th
biggest
digital
asset
by
market
cap
is
now
priced
at
$0.153,
having
jumped
2%
in
the
past
24
hours
as
well.

Meanwhile,
GameStop
(GME),
the
original
meme
stock,
has
shed
nearly
35%
of
its
value
in
the
same
timeframe.

It’s
now
priced
at
$19.80,
down
from
a
closing
price
of
$30.45
on
Monday,
May
13.

Internet
star
and
financial
analyst
Roaring
Kitty,
whose
real
name
is
Keith
Gill,
posted
on
Twitter
for
the
first
time
in
nearly
three
years
on
May
12.
The
next
day,
the
price
of
GameStop
had
exploded
in
value;
it
had
soared
by
over
200%
by
Tuesday.

But
most
of
those
gains
have
now
been
taken
home
by
traders.

Roaring
Kitty—who
also
goes
by
the
name
DeepFuckingValue
on
Reddit—started
the
meme
stock
trading
craze
back
in
2021.
The
idea
was
that
amateur
traders
could
get
involved
in
making
money
by
buying
shares
of
companies
professionals
on
Wall
Street
had
shorted.

The
craze
caused
chaos
and
regulators
had
to
get
involved.
It
also
spurred
a
trading
frenzy
in
meme
coins—cryptocurrencies
that
are
based
on
Internet
memes
and
jokes.

Last
week
was
no
different,
and
many
meme
coins
and
tokens
surged
in
value.
A
lot
of
those
coins
have
since
plunged
over
the
week,
but
Dogecoin—originally
created
as
a
joke—remains
in
the
green
even
after
that
cooldown.

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.