Crypto:
29856
Bitcoin:
$67.717
% 2.41
BTC Dominance:
%52.9
% 0.21
Market Cap:
$2.53 T
% 1.90
Fear & Greed:
76 / 100
Bitcoin:
$ 67.717
BTC Dominance:
% 52.9
Market Cap:
$2.53 T

Unofficial GameStop Memecoins Surge Amid Market Sluggishness

GameStop

The crypto investors have gone to the unofficial memecoin of GameStop, which is related to the unusual or funny GameStop (GME) memecoin, because of the sudden jump in GME’s share price and the sluggishness of the market. The pseudonymous crypto trader Daan Crypto Trades said, “People are bored and are taking any little sign of hope they can find.”

Massive Price Increases

GameStop, based in Solana, developed the memecoin (GME), which rose by 2,727% in two days despite not being associated with the company. GameStop’s stock price is experiencing an extreme increase, mirroring the soaring price of 204. According to CoinMarketCap and Google Finance data, this currency had a 50% share among the top ten traded currencies during the same period.

Catalyst for the Surge

This wave came after the famous GameStop stock trader Keith Gill, who has been absent from his “Roaring Kitty” X account for almost three years, posted for the first time on May 12. His enigmatic gaming meme of a player sitting up in their chair sparked a resurgence of enthusiasm.

Market Trends and Reactions

Other cryptocurrencies, such as PEPE and Floki (FLOKI), were also up by 35, so they saw the gains too. 73% and 11.27%, respectively. Nevertheless, DOGE and Shiba Inu (SHIBA) had short bursts of gains on May 12, but then went in reverse on May 13. 76% and 39% of investors attribute this to their overreaction to short-term trends such as the GameStop phenomenon, given the current quiet market conditions. An investor from Tyr Capital, Ed Hindi, made the following comment: “Investors are overreacting to short-term trends like the GameStop event because the market is currently quiet, so we need a correction.”

Market Sentiment

The general market mood has declined over the past 30 days, and as of May 15, the Fear and Greed Index, which measures “greed,” has dropped by 10 points to 64. Daan Crypto Trades stated that the GameStop price surge validated related memecoins with a high chance of a price surge, providing traders with proof. Additionally, game-related towns are mentioned.

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