💥💥💥 #Dogecoin , #Floki🔥🔥 , #dogwifhat Start to Surge as GameStop Jumps 19% in Pre-Market
Floki (FLOKI) and dogwifhat (WIF) have surged by up to 8% since the onset of Asian trading hours, mirroring the trend often observed with GameStop stock rallies, which tend to precede a surge in crypto meme coins.
As GameStop (NYSE: GME) saw a remarkable 19% surge in pre-market trading on Tuesday, several dog-themed tokens, including Floki and WIF, experienced notable upticks. Additionally, Dogecoin (DOGE) registered a 2% increase over the past four hours, while Solana-based bonk (BONK) showed a 5.5% rise.
The movement of meme tokens is often intertwined with the performance of stocks like GameStop and AMC Entertainment Holdings (NYSE: AMC), reflecting what some investors interpret as euphoria in the market, potentially leading to irrational trading behaviors around these assets.
Reflecting on the past, developer Shisui of Mog token noted in an interview with CoinDesk that the frenzy surrounding GameStop in 2021 spilled over to tokens like DOGE, hinting at a similar pattern if GME continues to capture the attention of retail traders.
In a reminiscent move, tokens like DOGE and FLOKI saw significant jumps, up to 30%, in the second week of May, following a viral post by retail trader Keith Gill. Gill's influential presence, culminating in the GameStop short squeeze of 2021, highlights the potential impact of individual investor sentiment on market movements.
Source - coindesk.com
