The idea of paying pennies and becoming a millionaire is the main reason for the popularity of meme stocks in the stock and #cryptocurrency markets. How does it work?

Meme stocks are stocks of companies that have lost significantly in value due to their woeful condition, but then rose sharply due to their popularity on social media. That is, they are bought because it's stylish, trendy, and youthful, and no one pays attention to the fact that the value of a company's stock has nothing to do with its fundamental valuation.

The first meme stock was #GameStop , which was stuck in the past with its model of selling video games on discs and its stock was hammered to the bottom by hedge funds. But in late 2020, the Reddit forum WallStreetBets suggested buying up GameStop stock, explaining that it was fighting the unfairness of hedge funds that were holding shorts on it. This movement gained so much traction that GameStop stock skyrocketed in price as a result of the short-squeeze.

The founders of #WallStreetBets made good money on this story, but people liked the idea of speculating on cheap stocks and trading together against hedge funds. So other memes and communities quickly emerged in which the idea proved popular.

Interestingly, GameStop took advantage of the situation and sold their own shares after their price rose, which allowed them to refocus their business and they still exist (for now).

Meme-tokens do not have a happy ending like GameStop, in their current state they are more like a pyramid 😡

The first meme-cryptocurrency was Dogecoin, which was launched as a joke, and the logo of that joke was a meme with a Shiba Inu dog (everybody used to say Shiba Inu).

In the beginning of 2021, the DOGE went up in price more than 20 000%, because the coin was actively accelerated personally by Elon Musk promising the rate of $1. The history doesn't say how much money Musk personally earned from that. And Dogecoin is still in top 10 cryptocurrencies by capitalization, because many people believe that Elon Musk will finish the job and DOGE will be worth $1 or even more.

The rise of #Dogecoin launched a haip on meme tokens, the most famous of which are Shiba Inu, FLOKI and now everyone is discussing PEPE.

It is correct to call them exactly meme-tokens, not meme-cryptocurrencies like DOGE, because the original dogecoin has its own blockchain, and modern meme-monies are issued on Ethereum and on other blockchains as tokens.

Meme token features:

▪️ The logo and the entire project is based on a popular meme or high-profile event.

▪️ Trillionth issue (a number with 12 zeros) so that the price of the token is always extremely low and millions of coins can be bought with a notional $10.

▪️ Under various pretexts, the community promotes the idea of buying this meme token and waiting for your $10 to make you a millionaire. It is always advised to buy more and never sell, at least until the $1 million goal is closed.

Why are meme-tokens a pyramid scheme?

Token creators lavish them to themselves at the time of release or are the first purchasers at the lowest price. Next, their job is to create a haip and make money on sales during the pumpe, which of course they will never admit to you.

An aggressive community is always created around such a coin, which encourages to keep buying and not to pay attention to the collapse of the price. It's actually for

For this reason thousands of #meme-tokens are already issued, but only few people became millionaires on them and nobody knows them.

Often there are just fraudulent meme-tokens that cannot be sold and they fall off until the fact of fraud is established, but the creator of the token has already earned his money.

Save it so you don't forget it 😉

GameStop reached $0.01976700, marking its highest level since February 6th, with a remarkable surge of over 4,000% from this year's low.
Despite the Bulls failing to maintain the gains, the price undergoes an 82% drop from its peak, reaching a low near $0.00353539.Short covering activity is observed at lower levels and from the 100 EMA (4-hour), leading to a 120% price increase from the lows, as well as a rebound from the 50 EMA (4-hour).The GME coin demonstrates robust bullish price action in the crypto market, rewarding investors with a 50% return.If the hype surrounding memecoins intensifies, market bulls will likely aim to propel the GME price towards its upper resistance level of $0.02000000 by month-end.According to Coin Gabbar analysis, Conversely, if selling pressure on memecoins rises, the GameStop price may retreat towards its critical support level of $0.00250000 in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $0.01050000-$0.01500000
SUPPORT LEVEL : $0.00550000-$0.00250000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
#altcoins #BinanceLaunchpool #buythedip #GameStop #GME @Binance Research @CZ @Binance Square Official $GME

Wu Blockchain, a cryptocurrency and blockchain news source, reported a resurgence in GameStop stock alongside the return of Keith Gill, famously known as “Roaring Kitty,” after a three-year social media hiatus. Gill’s online presence coincided with GameStop’s stock soaring over 110%, triggering multiple circuit breakers. This surge also influenced a 5% increase in the broader Crypto Memecoin sector.
Roaring Kitty suddenly became active on social media after nearly three years. GameStop stock once soared over 110%, triggering six circuit breakers. The return of Roaring Kitty and the surge in GameStop also brought about the rise of Crypto Memecooin. The sector as a whole rose…
GameStop, a video game retailer, experienced a rapid rise in its shares, climbing over 70% in Monday’s morning trade to surpass $30, marking its highest level since 2022. This surge follows Gill’s reappearance, known for his role in the January 2021 rally that defied Wall Street predictions. Despite a slight price retreat, the stock’s recent performance reflects renewed investor interest.
Following his social media disappearance, Gill returned on Sunday with a cryptic post featuring a drawing of a man seemingly preparing for action. Subsequent posts on Monday further hinted at his re-engagement in the market.
The rise and fall of GameStop shares earlier this year were emblematic of meme stock trading, a trend driven by independent online traders sharing investment tips. Gill, among the most prominent figures in this movement, denied allegations of manipulating investors, attributing his social media activity to personal enjoyment. 
The meme stock phenomenon is part of a larger pattern of growing retail investor trading. Analysts believe that the first spike in meme stocks during the epidemic was caused by greater savings and free time. This year, when markets improved, retail investor activity surged on trading platforms such as Charles Schwab and Robinhood.
As of the latest update, the GameStop price surged to $0.012947 with a 24-hour trading volume of $167,602,349, representing a 429.35% increase in the past 24 hours. GameStop’s market cap stands at $89,140,304, with a circulating supply of 6,885,214,218 GME coins. 

$BTC $PEPE

#Memecoins #GameStop #altcoins #pepepumping #Write2Earrn