The saga of the GameStop (GME) squeeze has captivated the American consciousness. GameStop’s total mentionvolume surpassed 148,000 yesterday, bringing the average up to ~48,500 in the past week.
For reference, Amazon (AMZN) only averaged ~46,500 mentions in the same period. Following a return of retail traders’ buying power, GameStop (GME) shares are holding at a higher level: +251% on the week and a mind-boggling +1668% YTD. It’s hard to believe that it all started with memes on a reddit forum. Speaking of memes…Dogecoin (DOGE), a digital token that functioned as meme first and a currency second, rocketed to an all-time high price yesterday, near $0.08 and an unfathomable +26512% above the initial price of the coin.
DOGE may be a curiosity that has made a few individuals fabulously wealthy, but the recent price action speaks to a larger phenomenon: rising interest in cryptocurrency.
Consumer mentions of investing in cryptocurrency are nearing a new all-time high, rising +603% YoY in the past week.
We saw this trend gaining steam throughout 2020, and now the GME fiasco has brought it to new heights.
In the wake of yesterday’s incredibly unpopular move, Robinhood has decided to double-down by restricting users ability to purchase cryptocurrency…