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Doggy Cryptos Rise as GameStop Barks Again

BingX - Editor 2024-05-29 17:27

Get ready for another "woof" on Wall Street! Prices of meme coins with canine themes are on the rise, mirroring a jump in GameStop shares. This isn't the first time – surges in GameStop stock, a favorite among online retail investors, have historically been followed by gains in dog-themed cryptocurrencies.

As they rally with GameStop, Dogecoin, FLOKI, and Dogwifhat are grabbing attention from stock market observers and cryptocurrency fans alike. The current surge in popularity of these tokens with canine themes points to a persistent pattern in which meme coins and stocks have an impact on one another.

On Tuesday, FLOKI and WIF, meme coins built on Ethereum and Solana, respectively, saw increases of up to 8% as GameStop's stock price soared over 19% before the market even opened. This trend suggests that the influence of meme coins on traditional stocks may continue to grow in the future. Interestingly, Solana prices also rose recently. Could this be another example of the interconnectedness between these markets, or is it a separate phenomenon? Even Dogecoin, the granddaddy of dog coins, got a boost, climbing 2%.

Experts suggest this "pack mentality" might be due to the same kind of enthusiastic buying that fueled the epic GameStop short squeeze in 2021. Shisui, a crypto developer, pointed out a similar connection back then, and recent social media activity from a prominent GameStop investor seems to be stirring the pot again. A post from Keith Gill, whose online presence helped ignite the 2021 frenzy, sent prices of Dogecoin and FLOKI up to 30% in May.

Will this dog day afternoon turn into a sustained rally? Only time will tell, but one thing's for sure: the link between meme stocks and meme coins remains strong. However, before diving in, consider checking the current market situation – take a look at the latest BTC AUD Price and Solana AUD Price to inform your investment decisions.