The price of Gamestop, a GME memecoin and other crypto assets are rising as inflation figures that were higher than anticipated boost risk appetite.
According to the most recent data, the producer price index, which is a measure of what producers get for their products, rose 0.5% from April onwards and 2.2% over a twelve-month period. release Bureau of Labor Statistics
The gain was greater than expected by 0.2%.
As Wall Street processes the new data, stocks have moved slightly higher. Gamestop is also continuing to re-emerge following its 2021 explosion, which caused hedge funds large losses of capital. return The leader of the group, “Roaring Kitty.”
GME began the day at over $64, an increase of more than 142% compared to yesterday. Since then, it has dropped to just $42, but still 164% higher than where it ended last week.
Solana’s memecoinSOLThe GME symbol (which also represents the GME coin) is up more than 2266.13% over the past seven days. This has led analysts to wonder if the markets will enter another altcoin boom similar to that of the previous bull market cycle in 2021.
Altcoin Psychoanalysis Pseudonymous Analyst tells GME’s 501,000 fans on social media platform X will be able to tell his followers that GME isn’t just a simple an “outlier.”
“Gamestop will not be the outlier here. Study 2019-2021 & think about where that money will flow next.”
The Analyst says Soon, stocks will increase “mimic 2019-2021 dynamics,” This is what you should know “2024 should be interesting.”
Other people aren’t convinced. The Flow Horse, a highly respected analyst tells His 215,000 followers on social media platform X will most likely see the GME hype die out by next week.
“Prediction.
GME is now over next Week and Crypto Twitter are frantically seeking any narrative instead of just waiting for the better setups to happen again.
“Unless there is a massive build up of short interest, it’s not even close to what it was in the previous mania.”
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Source: dailyhodl.com