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If you don’t remember 2021 and the GameStop incident, you should definitely watch the documentaries and broadcasts made about it at the first opportunity. Seeing how a handful of individual investors shattered large hedge funds and how Robinhood made a surprising move at the end will affect your perspective on financial markets.
GameStop (GME)
GameStop was a game store, and large funds that realized it would go bankrupt created massive short positions on its stocks. Then a group of individual investors on Reddit (I won’t go into details about wallstreetbets) decided to disrupt their game. Some notable figures emerged. Roaring Kitty was one of them. Through his broadcasts on YouTube, he kept the community alive until the price collapsed before the end of 2021. During this time, Elon Musk suddenly tweeted to break a tough resistance, and in the end, the Robinhood exchange made the buy button inactive for GME, allowing only selling.
If something is constantly being sold, it drops. That’s what happened. Subsequently, events similar to the meetings held in Congress during the FTX collapse (online during the pandemic) were organized. Of course, elderly politicians didn’t understand anything. Even if they did, not much would change because the rule-making process for the laws approved to prevent a repeat of the 2008 crisis couldn’t be completed even after 10 years.
Why is GameStop (GME) Rising?
For those who want to skip the summary, let’s look directly at the event in this section. This figure, Roaring Kitty, announced today that he would do a live broadcast on YouTube tomorrow. Imagine Elon Musk saying he would do a live broadcast for Dogecoin. This YouTuber is doing something very similar for the GameStop community.
The people buying and selling useless meme coins today are largely the same as the GameStop community. If we see great enthusiasm in the GME area, it should lead to significant fluctuations in meme coins as well.
Indeed, the token named GME attributed to GameStop increased by more than 57% amid recent developments. GameStop stocks also rose by 33%; you should be aware that these are different things.
This meme coin on the Solana network may experience very interesting pricing in the coming days, especially during tomorrow’s broadcast. Maybe you should be aware of this volatility in advance.
