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It’s really been a week.
return of sunday night roaring kitty A trading frenzy broke out, with meme stocks and digital coins and tokens all soaring.
The internet star and financial analyst posted to Twitter (aka X) for the first time in almost three years. By Monday morning, the price of GameStop was through the roof as traders decided to snap up stock of the original meme.
Roaring Kitty (real name Keith Gill, also known as DeepFuckingValue on Reddit) started the meme stock trading craze in 2021, inspiring amateur traders to buy shares of dying companies.
His Sunday post made traders want to get back into action. GameStop shares tumbled as the temporary craze died down, but were up more than 200% at one point this week, according to NYSE data.
Meme coin trading also surged due to Roaring Kitty’s comeback. As is usually the case, the cryptocurrency world has offered bigger profits to traders than the stock market.
Solana-based tribute token GME hit new highs and then plummeted again. It’s still up a huge amount and is currently trading at $0.0046, up 707% in 7 days. Solana itself has seen the biggest gains among the top 10 coins by market capitalization, up 19% this week to $172 at the time of this writing.
Major cryptocurrencies such as Dogecoin also rose as the craze returned. The 10th largest digital asset posted solid gains this week, up 6% to $0.152. But little hat memes are some of the biggest gainers. Floki and Pepe are up 17% and 10% respectively over the past week.
And who can forget Bitcoin? Assets had been on a slow rise until Wednesday when the U.S. Bureau of Labor Statistics released data showing April inflation was not as high as expected.
This raises the possibility of a Federal Reserve interest rate cut this year and is bullish for the biggest digital asset. that much bitcoin price According to CoinGecko, the current price is $66,830, up 10% in seven days. This is the highest since the April halving.
Editor: Andrew Hayward
disclaimer
The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
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