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This Week in Coins: GameStop Surge Fuels Meme Coin Mania and Bitcoin Ends Higher
What a week it has been.
The Sunday night return of Roaring Kitten led to a trading frenzy, with meme stocks and digital coins and tokens soaring.
Internet star and financial analyst posted on Twitter (aka X) for the first time in almost three years. On Monday morning, the price of GameStop soared as traders decided to snap up the meme’s original stock.
Roaring Kitty — whose real name is Keith Gill, also known as DeepFuckingValue on Reddit — kicked off the meme stock trading craze of 2021, inspiring amateur traders to buy shares of dying companies.
His Sunday post made traders want to get in on the action again. GameStop stock has since I dived as the short-lived frenzy faded, but at one point this week it was up more than 200%, NYSE data shows.
Roaring Kitty’s return also led to an increase in meme coin negotiation. As is typically the case, the crypto world has provided even greater gains for traders than the stock market.
SolanaBitcoin-based tribute token GME soared, reaching new highs before falling sharply again. It’s still up a lot and is now trading at $0.0046 – a 707% increase in seven days. Solana itself is the top gainer among the top 10 coins by market cap, meanwhile, it is up 19% on the week to $172 at the time of writing.
Top cryptocurrencies like Dogecoin also rose with the return of mania. The tenth largest digital asset has seen solid gains this week, currently up 6% at a price of $0.152. But smaller-cap memes are some of the biggest winners. Floki It is Pepê jumped 17% and 10% last week, respectively.
And who can forget Bitcoin? The asset had been rising slowly until, on Wednesday, the US Bureau of Labor Statistics discarded data showing that inflation was not as high as expected in April.
That raises the chance of a rate cut from the Fed this year — and is bullish for the biggest digital asset. O Bitcoin price is now at $66,830, up 10% in seven days, according to CoinGecko – the highest since the reduce by half event in April.
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.