According to CoinDesk, several dog-themed tokens experienced an increase on Tuesday, coinciding with a surge in GameStop's stock. The video game retailer's stock rose over 19% in pre-market trading. Floki (FLOKI) and dogwifhat (WIF), two tokens on the Ethereum and Solana blockchains, saw an increase of up to 8% since the start of Asian trading hours. Additionally, Dogecoin (DOGE) rose 2% in the past four hours, while Solana-based bonk (BONK) was up 5.5%.
Meme tokens often mirror movements in stocks such as GameStop and cinema chain AMC Entertainment Holdings. Some investors interpret these movements as a sign of market euphoria, which can lead to irrational trading around certain stocks and meme coins. Mog token developer Shisui previously indicated to CoinDesk that the 'Gamestop mania' had spilled over to DOGE and other meme coins in 2021, suggesting a potential repeat if GME continues to gain favor among retail traders.
Tokens like DOGE and FLOKI had previously jumped as much as 30% in the second week of May following a viral post by retail trader Keith Gill. Gill, who turned $58,000 into an estimated $50 million between 2019 and 2021 by buying GameStop options, sparked a run in the stock after posting from his @TheRoaringKitty X account for the first time in three years. Gill's cult following played a significant role in the infamous GameStop short squeeze of 2021.