Markets
GameStop increases by 19%, a flashing historical signal that precedes the DOGE and SHIB rally
Several dog-themed tokens began rising Tuesday, as shares of video game retailer GameStop (NYSE:GME) rose more than 19% in premarket trading.
Floki (FLOKI) and dogwifhat (WIF), two tokens on the Ethereum and Solana blockchains, are up 8% respectively since the start of Asian trading hours. Dogecoin (DOGE) is up 2% over the past four hours, while Solana Bonk (BONK) is up 5.5%.
Meme tokens tend to mirror the movements of stocks like GameStop and movie theater chain AMC Entertainment Holdings (NYSE: AME). Some investors perceive these movements as a sign of euphoria, which can lead to irrational trading in certain stocks and meme coins.
In a previous interview, Mog token developer Shisui told CoinDesk that much of the “Gamestop mania has spilled over to $DOGE and other meme coins” in 2021, an indication of a repeat if GME continues to gain favor among retail traders.
Tokens like DOGE and FLOKI had before jumped up to 30% in the second week of May after a viral post by retailer Keith Gill. Gill’s cult following contributed to GameStop’s infamous 2021 short run.
Gill, who turned $58,000 into about $50 million between 2019 and 2021 by buying GameStop (GME) options, triggered a run in the stock after posting from her @TheRoaringKitty X account for the first time in three years.