The latest frenzy in GameStop (GME) has unfold throughout the cryptocurrency market, particularly within the meme coin sector. As the US CPI numbers got here according to the market expectations, a robust rally ensured throughout all meme coins, particularly the highest gamers equivalent to PEPE.
Strong Meme Coin Party Amid GameStop Frenzy
In Q2, the memecoin sector has outpaced all others within the crypto market, reported on-chain information supplier Santiment. Assets equivalent to $PEPE (+100%), $PONKE (+96%), $MAGA (+80%), $TURBO (+78%), and many others. have skilled vital surges. Over the previous week alone, meme cash have seen a staggering 136% improve in buying and selling quantity.
📈 The #memecoin sector has been surging above all others in #crypto in Q2. Assets like $PEPE (+100%), $PONKE (+96%), $MAGA (+80%), $TURBO (+78%), and $BITCOIN (+76%) have been main beneficiaries. This previous week, #meme property are +136% in quantity.
Link: https://t.co/dMj8Jf4q0P pic.twitter.com/50VPgIjyag
— Santiment (@santimentfeed) May 15, 2024
Within the meme coin sector, the PEPE Coin has been probably the most outperforming altcoins whereas hitting a brand new all-time excessive earlier this week.
What’s extra fascinating is that the GameStop (GME) meme coin, primarily based on the Solana blockchain, witnessed a 4,000% rally within the final two days. Note that this meme coin has nothing to do with the GameStop firm whose inventory has registered a 200% acquire within the final three buying and selling periods. Thus, traders must be extra cautious whereas buying and selling the $GME meme coin. In the final 24 hours, the $GME meme coin worth has dropped by almost 50%.
Red Flags for Investors
On-chain information supplier Santiment reported that the frenzy surrounding Gamestop and AMC has considerably influenced the crypto sphere, largely on account of shared speculative tendencies. These two corporations are presently dominating discussions throughout cryptocurrency platforms. These spikes typically precede shifts in market route, providing alternatives for astute merchants to capitalize on.
However, bets made on FOMO may value dearly to traders. On-chain information supplier Lookonchain cited three such merchants who misplaced 1000’s of {dollars} by buying and selling in FOMO.
Not everybody made cash on $GME.
These 3 guys misplaced tens of 1000’s of {dollars} by shopping for $GME with #FOMO and panic promoting after the worth dropped!
Remember, please do not buy with #FOMO when costs are skyrocketing, and don’t panic promote when costs are falling!… pic.twitter.com/4ZlPEAy1Cc
— Lookonchain (@lookonchain) May 15, 2024
Other market analysts aren’t not fairly constructive on meme cash, after a robust rally already this 12 months. Popular crypto analyst CrediBULL Crypto writes: “Let me be 100% clear where I stand here- major memes like $DOGE, $PEPE, $WIF and others are either forming or have already formed multi-month distribution tops and will see significant drawdown before their next major legs to the upside”.
The introduced content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
