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The GameStop saga has returned after a three-year hiatus, and its stock has outperformed Bitcoin’s yearly growth in a single day.
While GameStop’s rise stunts that of traditional crypto investments, the allure of crypto meme coins only grows as the meme stock frenzy prevails.
GameStop Price Surges, But Analysts Anticipate an Altcoin Rotation
Kieth Gill, a renowned GameStop trader who goes by Roaring Kitty on X, has resurfaced online and set financial markets ablaze as retail bulls take a swipe at TradFi.
History is repeating itself. This phenomenon first occurred in 2021 when everyday retail traders united on social media apps like Reddit, colluding to “short squeeze” Wall Street’s TradFi institutions.
This time around, investors have bolstered GameStop’s stock by over 200% in five days.
Ihor Dusaniwsky reports retail players have left a dent in the market, with GameStop shorts booking $1.36 billion in mark-to-market losses on Tuesday.
“We are seeing continued squeeze-related short covering due to the rebirth of the meme trade,” he wrote.
Other so-called meme stocks have also soared amid the GameStop frenzy. AMC has fared among the strongest, up 31% today and 117% in the past five days.
The company disclosed in a recent SEC filing that it issued 72.5 million new shares, raising approximately $250 million.
Other heavily shorted stocks, such as SunPower, Beyond Meat, and Children’s Place, have also gained value this week.
Roaring Kitty’s return to X triggered the meme stock mania, which began with a tweet depicting a gamer leaning forward. The image seemingly alludes to the fact that things are about to get serious.
While the initial craze has started with stocks, traders are eagerly anticipating a potential rotation into crypto, a move that could significantly impact the meme coin market.
The most popular response to Roaring Kitty’s tweet came from prominent meme coin trader Ansem, who said, “Hey bro, what are we buying?”
Meanwhile, GameStop had outperformed Bitcoin’s yearly gains in one day. Last time, GameStop profits spilled into crypto altcoins, meaning that history could repeat itself this time around.
Given the memetic culture driving GameStop’s rally, it would be unsurprising if meme coins stand for the most gains.
For reference, Ansem underscored that Dogecoin did a 100x after GameStop peaked in 2021.
However, this time, a myriad of new meme coins are on the market, and projects like Sealana continue to display massive potential. Sealana remains in its early stages, presenting a timely launch environment as memetic excitement teeters on an all-time high.
New Meme Coin to Watch: Will Sealana Explode on GameStop Liquidity Rotation?
Sealana, a foul-mouthed seal-themed meme coin inspired by the hit U.S. sitcom South Park, is proving one of Solana’s hottest prospects.
The project is currently undergoing a presale and is enjoying monumental success as it advances toward a total raise of $1 million.
While Sealana is the latest in a long list of hyper-successful Solana launches, this project introduces a hilarious outlook that separates it from other projects.
Once a water-dwelling mammal, Sealana left his holistic lifestyle behind in search of meme coin riches. He now resides in his mom’s basement, living off tuna and chips while grinding low-cap meme coin charts with hopes of sniping a couple of 100x trades to finally buy a rose gold Lambo.
This chronicle perfectly encapsulated the rags-to-riches mindset of degen meme coin traders. As such, Sealana has been embraced, with its social media metrics exploding alongside its presale success.
Currently, Sealana boasts over 3.3K followers on X, up 10% in the last day. Its most recent tweet has amassed over 19K views, reflecting that the broader market is beginning to take note.
But momentum is starting to accelerate. Furthermore, the team has not announced a hard cap, meaning the campaign could end anytime.
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