Meme Trading: Dogecoin still outperforms GameStop over the past week.

Last week, meme stock mania returned and became a hot topic on Wall Street. However, even though the craze appears to have died down, coins like Dogecoin, the leading meme coin by market capitalization, are still winners.

Over the past seven days, the price of Dogecoin has risen nearly 2%, according to CoinGecko. The price of Elon Musk’s favorite and the 10th largest digital asset by market capitalization is currently at $0.153, up 2% in the last 24 hours as well.

Meanwhile, original meme stock GameStop (GME) has lost nearly 35% of its value over the same period.

The current price is $19.80, down from the closing price of $30.45 on Monday, May 13th.

Internet star and financial analyst Roaring Kitty (real name Keith Gill) posted on Twitter for the first time in nearly three years on May 12. The next day, the price of GameStop skyrocketed. By Tuesday, it had soared more than 200%.

But now most of those profits have been taken home by traders.

Roaring Kitty, who also goes by the name DeepFuckingValue on Reddit, started the meme stock trading craze in 2021. The idea was that amateur traders could participate in making money by purchasing stocks of companies that had been shorted by professionals on Wall Street.

The craze caused confusion and even forced regulators to intervene. It also sparked a trading frenzy for meme coins, a cryptocurrency based on internet memes and jokes.

Last week was no different, with many meme coins and tokens soaring in value. Many coins have plummeted in the week since, but Dogecoin, which was originally created as a joke, remains green even after that cooldown.

Editor: Andrew Hayward