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GameStop beats Bitcoin’s annual returns by one day. Could Meme Coins Like Sealana Benefit?
The GameStop saga returned after a three-year hiatus, and its shares surpassed Bitcoin’s annual growth in a single day.
While the rise of GameStop disrupts that of traditional crypto investments, the fascination with meme cryptocurrencies only grows as the meme stock frenzy prevails.
GameStop Prices Rise, But Analysts Anticipate an Altcoin Rotation
Kieth Gill, a renowned GameStop trader who goes by Roaring Kitty on X, resurfaced online and set financial markets on fire as retail bulls attacked TradFi.
History is repeating itself. This phenomenon first occurred in 2021, when ordinary retail traders banded together on social media apps like Reddit, conspiring to “short squeeze” Wall Street TradFi institutions.
This time, investors boosted GameStop shares by more than 200% in five days.
Ihor Dusaniwsky reports retail players have left a mark on the market, with GameStop shorts recording $1.36 billion in mark-to-market losses on Tuesday.
“We are seeing continued squeeze-related short covering due to the revival of meme trading,” he wrote.
Other so-called meme stocks also soared amid the GameStop frenzy. AMC is among the strongest, up 31% today and 117% over the past five days.
The company released in a recent SEC filing it states that it has issued 72.5 million new shares, raising approximately $250 million.
Other heavily shorted stocks such as SunPower, Beyond Meat and Children’s Place also gained value this week.
Roaring Kitty’s return to X sparked the meme stock craze, which started with a tweet depicting a player leaning forward. The image seemingly alludes to the fact that things are about to get serious.
Although the initial mania began with stocks, traders are eagerly anticipating a possible rotation into crypto, a move that could significantly impact the meme coin market.
The most popular response to Roaring Kitty’s tweet came from prominent meme coin trader Ansem, who he said“Hey bro, what are we buying?”
Meanwhile, GameStop surpassed Bitcoin’s annual gains in one day. Last time, GameStop profits were transferred to cryptocurrency altcoins, meaning history could repeat itself this time.
Given the meme culture driving GameStop’s rally, it wouldn’t be surprising if meme coins accounted for the biggest gains.
For reference, Ansem underlined that Dogecoin rose 100x after GameStop peaked in 2021.
However, this time around, a plethora of new meme coins are on the market and projects like Sealana continue to show enormous potential. Sealana remains in its early stages, presenting a timely release environment as memetic excitement reaches an all-time high.
New Meme Coin to Watch: Will Sealana Blow Up GameStop’s Liquidity Rotation?
Selanaa foul-mouthed seal-themed meme coin inspired by the American sitcom South Park, is proving to be one of Solana’s best prospects.
The project is currently in pre-sale and enjoying monumental success as it moves towards a total raise of $1 million.
Although Sealana is the latest in a long line of highly successful Solana releases, this project presents a hilarious perspective that separates it from other projects.
Once a water-dwelling mammal, Sealana left her holistic lifestyle behind in search of riches in meme coins. He now lives in his mother’s basement, living off tuna and chips while charting low-cap meme coins with the hopes of making some 100x trades to finally buy a rose gold Lambo.
This chronicle perfectly summed up the rags-to-riches mentality of meme degen coin traders. As such, Sealana was embraced, with its social media metrics exploding along with its pre-sale success.
Currently, Sealana has more than 3.3 thousand followers on X, up 10% in the last day. His most recent tweet has racked up more than 19,000 views, reflecting that the broader market is starting to take notice.
But the momentum is starting to accelerate. Additionally, the team has not announced an upper limit, which means the campaign could end at any time.
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