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Dogecoin, Floki, Dogwifhat Start to Surge as GameStop Jumps 19% in Pre-Market
Dog-themed tokens tend to move after rallies in video game retailer Gamestop, a so-called “meme stock.”
Updated May 28, 2024, 10:29 a.m. Published May 28, 2024, 10:29 a.m.
- FLOKI AND WIF are up as much as 8% since the start of Asian trading hours.
- GameStop stock rallies have often preceded a rise in crypto meme coins.
Several dog-themed tokens started to move higher Tuesday as stocks of video game retailer GameStop (NYSE: GME) surged over 19% in pre-market trading.
and dogwifhat (WIF), two tokens on the Ethereum and Solana blockchains, were respectively up as much as 8% since the start of Asian trading hours. rose 2% in the past four hours, while Solana-based was up 5.5%.
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Meme tokens tend to mirror movements in stocks such as GameStop and cinema chain AMC Entertainment Holdings (NYSE: AME). Some investors perceive these movements as a sign of euphoria, which can lead to irrational trading around certain stocks and meme coins.
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In an earlier interview, Mog token developer Shisui told CoinDesk that much of the “Gamestop mania had spilled over to $DOGE and other meme coins” in 2021—an indication of a repeat on the cards if GME continues to gain favor among retail traders.
Tokens such as DOGE and FLOKI had earlier jumped as much as 30% in the second week of May after a viral post by retail trader Keith Gill. Gill’s cult following contributed to the infamous GameStop short squeeze of 2021.
Gill, who turned $58,000 into an estimated $50 million between 2019 and 2021 by buying GameStop (GME) options, sparked a run in the stock after posting from his @TheRoaringKitty X account for the first time in three years.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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