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GameStop gives investors 1.6 billion reasons to care about the meme trade
GameStop gives investors 1.6 billion reasons to care about the meme trade

The "meme trade" has been one of the market's defining trades this year. And while some investors have chosen to ignore the action we've seen in shares of GameStop (GME) or AMC (AMC) amid a value rotation, rising bond yields, and a booming economy, these retail-driven trading frenzies are starting to reshape the fundamentals of these businesses. They're more than just a sideshow.

Exclusive: GameStop Completes At-The-Market Equity Offering Program
Exclusive: GameStop Completes At-The-Market Equity Offering Program

GRAPEVINE, Texas, June 22, 2021 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has completed its previously announced “at-the-market” equity offering program (the “ATM Offering”).

GameStop Is Joining the Russell 1000, but AMC Isn’t. How It Affects the Stocks.
GameStop Is Joining the Russell 1000, but AMC Isn’t. How It Affects the Stocks.

The latest rally in meme stocks has given AMC Entertainment and GameStop the biggest and third-largest market capitalizations among companies in the Russell 2000 index of small companies. The Russell indexes' annual reconstitution is coming up next week, so investors have been wondering it the pair might graduate into the large-cap Russell 1000 .

Don't Ignore GameStop's Crazy Valuation, But Its Business Is Getting Better
Don't Ignore GameStop's Crazy Valuation, But Its Business Is Getting Better

Were traders on the WallStreetBets subreddit right about GameStop (NYSE:GME) after all?

Dogecoin surges 55% as fans try to push it to $1

Dogecoin (DOGE-USD) has nearly doubled in value since April, rising over 50% after another surge driven by internet users who are trying to push the coin to $1, as similar plans for "Doge Day" fell flat last month.


Dogecoin (DOGE-USD) has nearly doubled in value since April, rising over 50% after another surge driven by internet users who are trying to push the coin to $1, as similar plans for "Doge Day" fell flat last month.

The meme-inspired crypto rose as much as 55% to $0.68 on Wednesday morning in London, it is currently trading 35% higher to $0.65.

Dogecoin soared 450% over a week to a record high of $0.32 in April 2021.

Wednesday's surge pushed dogecoin's market cap to over $70bn (£50bn) to become the fourth-most valued coin, according to CoinMarketCap. This is bigger than the market cap of COVID vaccine producer Moderna (MRNA)

For context it took tech giant Amazon (AMZN) over a decade to deliver a 10,000% return to investors. It has taken dogecoin just five months.

It comes after support from more those in the cryptocurrency trading industry as well as Tesla (TSLA) CEO Elon Musk, who sent the price of his favoured coin soaring after tweeting about it several times.

On Wednesday, popular exchange Gemini announced support for dogecoin, after eToro added it to its online trading app on Tuesday.

Meanwhile, bitcoin (BTC-USD) has been struggling to drive back to record highs it experienced last month. the flagship crypto fell 2.9% to $54,564. Ethereum (ETH-USD), the second most popular cryptocurrency, was down just over 2% to $3,284 on Wednesday.

Dogecoin and bitcoin were boosted by the GameStop saga at the start of January 2021, with the latter soaring over 800% as Reddit users, who also pumped stocks such as GameStop (GME) and AMC (AMC), drew their attention to the coin.

Last year, a number of financial institutions and well known investors threw their weight behind cryptocurrencies and blockchain technologies which sent its price skyrocketing.

This helped cryptocurrencies gain more popularity in recent months, especially bitcoin, which has more than doubled in value in the last six months

Earlier in 2021, the market value of all bitcoin in circulation hit $1trn for the first time, after a more than 800% surge. In December, it soared past Visa (V) to make it the world’s largest financial service.

But this has also put it under the watchful eyes of governments and regulators who want to hone in on the sector amid rising demand.


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