GameStop's bullish turnaround helps meme coins rebound
After Chairman and CEO Ryan Cohen won a Section 16(b) lawsuit, GameStop's stock rises 25%.
After a big drop earlier in the day, WIF, FLOKI, and BRETT are recovering.
Similar to GameStop's bullish turn, GME meme coin returns from significant losses.
Many meme currencies are recovering from Tuesday's market fall after GameStop stock gained over 25% in 24 hours.
GameStop rally may prevent meme coin dump.
In the last 24 hours, GameStop stock has rallied over 25% after Chairman and CEO Ryan Cohen won a 16b lawsuit over his stake in Bed Bath & Beyond Inc. After huge losses earlier in the day, numerous meme currencies have recovered.
Since May 29, Dogwifhat (WIF) has lost 38% in two weeks. The Solana meme currency hit a monthly low of $2.44 today before recovering in recent hours. WIF, which led the meme coin fever in March, has lost popularity.
According to Coinglass, WIF's trading volume rose 71% to $1.23 billion across Binance, Bybit, and OKX during the downturn. After the GameStop rise, bulls must have been buying meme coins at cheap rates, as they gained 2.5% in the previous few hours.
FLOKI lost about 7% of its value in 24 hours. Since hitting an all-time high of $0.0003449 on June 5, it has fallen, perhaps due to profit-taking. It's 30% below its peak.
According to IntoTheBlock, 97% of FLOKI is in the money, thus additional sell-offs may occur if the crypto market falls further.
Based on average purchase pricing, In/Out of the Money shows the amount of addresses/coins in profit or loss. If its current price is more than its average cost, an address/coin is in the money; otherwise, it is not.
As FLOKI's price fell, huge transactions quadrupled in three days, confirming prior sell-offs.
FLOKI's 30-day MVRV ratio is -8%, suggesting addresses that bought the meme currency in the previous 30 days lost 8%. This suggests a positive turnaround. FLOKI has risen roughly 2% in the previous four hours, suggesting buyers are returning.
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