The latest frenzy in GameStop (GME) has unfold throughout the cryptocurrency market, particularly within the meme coin sector. Because the US CPI numbers got here according to the market expectations, a powerful rally ensured throughout all meme coins, particularly the highest gamers reminiscent of PEPE.
Sturdy Meme Coin Occasion Amid GameStop Frenzy
In Q2, the memecoin sector has outpaced all others within the crypto market, reported on-chain information supplier Santiment. Belongings reminiscent of $PEPE (+100%), $PONKE (+96%), $MAGA (+80%), $TURBO (+78%), and so on. have skilled important 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. Belongings like $PEPE (+100%), $PONKE (+96%), $MAGA (+80%), $TURBO (+78%), and $BITCOIN (+76%) have been main beneficiaries. This previous week, #meme belongings are +136% in quantity.
Hyperlink: https://t.co/dMj8Jf4q0P pic.twitter.com/50VPgIjyag
— Santiment (@santimentfeed) May 15, 2024
Inside the meme coin sector, the PEPE Coin has been some of the 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. Notice that this meme coin has nothing to do with the GameStop firm whose inventory has registered a 200% achieve within the final three buying and selling periods. Thus, buyers must be extra cautious whereas buying and selling the $GME meme coin. Within the final 24 hours, the $GME meme coin worth has dropped by practically 50%.
Purple Flags for Traders
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 at the moment dominating discussions throughout cryptocurrency platforms. These spikes typically precede shifts in market path, providing alternatives for astute merchants to capitalize on.
Nonetheless, bets made on FOMO may value dearly to buyers. 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!
Keep in mind, 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
Different market analysts will not be not fairly constructive on meme cash, after a powerful rally already this yr. Widespread crypto analyst CrediBULL Crypto writes: “Let me be 100% clear the place I stand here- main memes like $DOGE, $PEPE, $WIF and others are both forming or have already shaped multi-month distribution tops and can see important drawdown earlier than their subsequent main legs to the upside”.
The offered content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
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