Meme shares are back-and they brought Dogecoin and Shiba Inu
Meme shares are back-and they brought Dogecoin and Shiba Inu
- Dogecoin and Shiba Inu have made enormous profits in addition to the meme shares Bed Bath & Beyond and AMC
- "It seems that there is still a lot of money outside that people are willing to risk what is a good sign," said a crypto CEO to block works.
The frenzy for meme shares is back and reflects the most intoxicating heights of last year-and it spills on meme cryptocurrencies such as Dogecoin and Shiba Inu.
House dealer Bed Bad In addition, (bbby) rose to 360 % in August, including a rally of 67 % on Tuesday considerable participation of the Gamestop chairman Ryan Cohen in the company.
Kinokette AMC has also experienced a return after almost 47 % (as of Wednesday, closing date). Private investors saved the company from bankruptcy last year and slowed down its empty sellers.
player and groundbreaking meme share Gamestop (GME) has also found new retail interest, with 19 % in the same period.
These movements represent a trend reversal in risk systems compared to a relatively quiet July than the macroeconomic environment was more tense. In the past few months, the markets have continued to be frightened by a tighter monetary policy to combat the increasing inflation and warnings of inflation dogecoins rose by about 16 % this month, while it is imitated Shiba inu has increased 24%. For the size, Bitcoin has only reached the profit threshold; Ether has fallen by 9%.
According to Jae Yang, CEO of the crypto software company Tacen, profits in these risky corners of the market seem to be due to a certain stabilization of the market events, with the shares increasing from their low in mid-June. The benchmark indices S&P 500 and Nasdaq 100 have both risen by about 4 %, slightly led by the latter.
"It seems that there is still a lot of money outside that people are ready to risk what is a good sign," said Yang to Blockworks, adding that dealers tend to wait for a volatility and catalysts to increase the trading volume.
Why meme coins are still relevant
In January 2021, the notorious Gamestop-Short-Squeeze attracted attention to stocks that were severely shortened by Wall Street Institutions. A group of Reddit dealers then merged to pump similarly competitive stocks in a memory-driven defiant demonstration of the power of retail and influence on the stock market.
MEME COINS, on the other hand, refer to cryptocurrencies, the brand of which is derived from a popular online meme or viral image. In the case of Shiba Inu and Dogecoin, the meme is a breed of Japanese hunting dogs.
This property is apparently more suitable for the mass of small investors than, for example, for the more technical octaheder from Ethereum.
You are not designed to offer large actors such as Bitcoin and Ether competition on the Utility Front, but it is fun to act with you, said Santiago Portela, CEO of the Web3 company Fitchin, in an interview with block works.
"I think there is a group of people-and we don't talk about five or ten, but over 1000-which the concept of meme coins, meme shares and the statement" I just have fun and I want it "really enjoy", said Portela.
The phenomenon of investing in dog coins hit a big nerve for the first time during the previous crypto bull run when Elon Musk, CEO of Tesla, began to hypen Dogecoin on social media.