Since Jan. 22 GameStop has been attracting a lot of attention from the mainstream news as the stock (GME) for the popular video game retailer rallied 860% from $17.40 on Jan. 4 to a high of $159.18 on Jan. 25.
On Jan. 25 GME pulled back 51.70% from its high to close the day at $76.79 but what lies behind the massive upsurge warrants closer inspection.
While solid fundamentals often lead to price breakouts in both stocks and cryptocurrencies, the recent interest in GameStop appears to have more to do with the ‘Reddit army’ phenomenon which has seen internet groups go head to head with some of the largest firms on Wall Street.
GameStop (GME) 1-day chart. Source: TradingView
The most well-known instance of this trend in the cryptocurrency sector occurred when a group of dedicated Chainlink (LINK) investors affectionately referred to by many as ‘LINK Marines’ joined forces to spread positive news about the altcoin and also pledged to keep buying it when larger investors devised a plan to short LINK.
In early 2020 the LINK Marines responded to ZeusTitle: Reddit investing group triggers crypto-style 860% rally in GameStop stock
Sourced From: cointelegraph.com/news/reddit-investing-group-triggers-crypto-style-860-rally-in-gamestop-stock
Published Date: Tue, 26 Jan 2021 03:46:26 +0000