Cryptocurrencies

The price of GameStop’s unofficial meme coins has risen along with the rise in the price of

The price of unofficial GameStop memes has risen alongside a rise in Gamestop’s stock price (GME) due to a general feeling of slowdown in the market, many cryptocurrency traders say.

“People are getting bored and taking any little sign of hope they can,” pseudonymous cryptocurrency trader Dan CryptoTrades told Cointelegraph.

“The excitement generated around GameStop memecoins shows that there is capital that has not been allocated,” Ed Hendy, chief investment officer at Tyr Capital, told Cointelegraph.

Solana-based Memecoin GameStop (GME) — which has no official company affiliation — has risen 2,727% in the past two days, along with Gamestop’s stock price rising 204.50% over the same time frame, according to CoinMarketCap and Google Finance. Data.

GME is up 65.68% in the past 24 hours alone. Source: CoinMarketCap

This came after popular GameStop stock trader Keith Gill posted from his X account “Roaring Kitty” on May 12 for the first time in nearly three years.

Jill is gone dark on social media on June 19, 2021, but returned after a long hiatus, to publish A typically obscure meme of a player sitting down in his chair to announce his return.

Meanwhile, among the top 100 cryptocurrencies, PEPE (PEPE) and Floki (FLOKI) were the only tokens to maintain significant gains over the same time frame, rising by 35.73% and 11.27%, respectively.

Both DOGE (DOGE) and Shiba Inu (SHIBA) saw sharp rises on May 12 but have since fallen by 1.76% and 1.39% in the past 24 hours.

This suggests that traders are chasing specific short-term narratives rather than overall confidence in the entire market.

“Investors overreact to short-term trends like the GameStop event precisely because the market is quiet right now. “We need a new narrative in cryptocurrency markets,” Hindi declared.

Besides, overall market sentiment has declined over the past 30 days according to the Fear and Greed Index, falling by about 10 points to a “Greed” score of 64 as of May 15.

Related: Bitcoin traders expect Fed Chair Powell to “pump our bags” and BTC to target $80k+

Dan believes that GameStop’s rise in stock market prices has reassured cryptocurrency traders that related meme currencies in the cryptocurrency market will follow suit.

“If the price goes up and people don’t know why, they will think of narratives that support and explain why the price is doing what it is doing,” Dunn explained, adding that the GameStop saga of 2021 is still on many people’s minds. “Minds.”

“I don’t think anything but higher prices should happen. I always believe that price precedes narrative. “So projects can have great fundamentals but if the price doesn’t move people won’t care,” they added.

Conversely, Patrick Scott, founder of Dynamo DeFi, believes that “there is no shortage of narratives” in the cryptocurrency market.

“Real world token assets have grown from being practically non-existent to billions of dollars in the last few years,” he told Cointelegraph, noting trends currently emerging on the Solana and Deepin network:

“Solana’s on-chain activity now competes with Ethereum, and Decentralized Physical Infrastructure (DePIN) networks are bringing non-speculative revenue to cryptocurrencies.”

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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