As a researcher with a background in financial markets and meme coins, I’ve been closely monitoring the recent developments surrounding GameStop Corp (NYSE: GME) and the meme coin sector. The past few days have been nothing short of a rollercoaster ride for investors in these assets, with substantial gains followed by significant losses.
As a crypto investor, I’ve been closely monitoring the volatile market movements of GameStop Corp (NYSE: GME). The hype surrounding this stock reached new heights earlier in the week, but unfortunately, things took a turn for the worse on Wednesday, May 15. By the end of that day, I watched in dismay as the GameStop stock price plummeted by a staggering 18.87%, sinking below the $40 mark.
As a crypto investor observing the market on Thursday morning, I notice that GameStop’s shares are taking a hit during the pre-market trading session. Unfortunately, this decline is exacerbating the losses we experienced the previous day. The current price of GME stock has dropped by an extra 16%, reaching $32.20 in the pre-market.
The current market fluctuations stand in stark contrast to the significant $9.6 billion rise in market value experienced between Monday and Tuesday. This unexpected surge can be attributed to the reemergence of Keith Gill, a key figure in bringing GameStop into the limelight back in 2021, who made his first post on an X account after a long hiatus of nearly three years.
The recent surge in GameStop and AMC stocks caused a significant rise in the value of various meme coins within the cryptocurrency market. According to data from Santiment, a leading on-line data provider, specific coins like $PEPE (up by 100%), $PONKE (up by 96%), $MAGA (up by 80%), and $TURBO (up by 78%) have seen substantial price increases. The trading volume for meme coins has skyrocketed over the past week, with an astonishing increase of 136%.
As the excitement surrounding the GameStop saga subsides, it’s important for investors in the meme coin market to exercise caution before making any new investments.
Will Meme Coin Party End Along with GameStop?
The excitement about Gamestop and AMC has spread to the crypto world, primarily due to their allure as speculative investments. At present, these companies are the focus of intense conversation on cryptocurrency forums, standing out as the most popular themes among users.
It’s highly probable that the drop in meme coins, including the GameStop token on the Solana network, is a response to the recent pullback in GameStop shares. This week, the meme coin soared by an astonishing 4,400%, but in the last 24 hours, it has plummeted by 46% and its price now hovers around $0.01. Although there have been speculations about the GameStop meme coin hitting $1, this goal seems unattainable at present.
The comeback of @TheRoaringKitty is generating excitement among cryptocurrency enthusiasts regarding meme coins like $PEPE. Although some altcoins could prosper, others may falter. Notably, $PEPE appears primed for a potential pullback.
On the three-day chart for #PEPE, the TD Sequential indicator has signaled two sell opportunities. One is marked as an aggressive signal with the number 13, while the other is indicated by a green nine.
— Ali (@ali_charts) May 16, 2024
As a crypto investor, I’ve been keeping a close eye on PEPE Coin lately, which reached its peak price earlier in the week at $0.00001278. However, it’s currently experiencing a dip of around 6%, now trading at $0.00001041. Upon examining the PEPE chart for the past three days, I notice two sell signals based on the TD Sequential: an assertive 13 and a green nine candle. Moreover, there’s a significant bearish divergence between the price trend and the RSI (Relative Strength Index), which indicates potential selling pressure from investors.
Read More
Sorry. No data so far.
2024-05-16 15:58