#MemeWatch2024 Trading Memes: Dogecoin Still Outperformed GameStop Over the Last Week
đ Meme stock mania returned last week, and was the talk of the town on Wall Street. But while the craze appears to have died down, coins like Dogecoinâthe leading meme coin by market capâare still winners.
đčThe price of Dogecoin over the past seven days has risen nearly 2%, according to CoinGecko. The Elon Musk favorite and 10th biggest digital asset by market cap is now priced at $0.153, having jumped 2% in the past 24 hours as well.
đžMeanwhile, GameStop (GME), the original meme stock, has shed nearly 35% of its value in the same timeframe.
đčIt's now priced at $19.80, down from a closing price of $30.45 on Monday, May 13.
đ¶ Internet star and financial analyst Roaring Kitty, whose real name is Keith Gill, posted on Twitter for the first time in nearly three years on May 12. The next day, the price of GameStop had exploded in value; it had soared by over 200% by Tuesday.
đ· But most of those gains have now been taken home by traders.
đžRoaring Kittyâwho also goes by the name Deep Value on Redditâstarted the meme stock trading craze back in 2021. The idea was that amateur traders could get involved in making money by buying shares of companies professionals on Wall Street had shorted.
đčThe craze caused chaos and regulators had to get involved. It also spurred a trading frenzy in meme coinsâ cryptocurrencies that are based on Internet memes and jokes.
đ¶ Last week was no different, and many meme coins and tokens surged in value. A lot of those coins have since plunged over the week, but Dogecoinâoriginally created as a jokeâremains in the green even.