GME investors continue to experience greater volatility this week, as the king of meme stocks has traded as low as $138 in the past five days and as high as $166. Last Friday, despite the broader market gains, the stock price dropped from Thursday’s surge in sympathy, and the market closed turbulently, closing at $159.92. GameStop investors still show their “hands of diamonds” by holding stocks until Ryan Cohen’s e-commerce vision is further clarified.
Now that the Reddit squeeze saga is more or less over, some of the diamond hands may not be as strong as they were a few months ago. In fact, some people attribute the recent volatility to the large-scale migration of retail currencies from the stock market to the cryptocurrency market, hoping to discount it by the soaring altcoins. The Dogecoin movement has been the main driving force, especially after Tesla (NASDAQ: TSLA) CEO Elon Musk expressed support for Dogecoin via Bitcoin on Twitter last week . There is a lot of overlap between the Venn diagrams of GameStop investors and Dogecoin investors, and the recent surge may just be another reason why stocks like GameStop exhibit such low trading volume and high volatility.
At the same time, Gamestop’s second violin AMC (NYSE: AMC) closed green for the sixth consecutive trading day as Redditors noticed the increasing shortage. For now, AMC seems to have replaced GameStop as a short-term choice among Reddit investors, which may be related to more affordable stock prices and a clearer way to return to normal after the pandemic is over.