If someone asked you about the hottest story in crypto this week, the unexpected answer might be meme stocks. Even though they are not part of the crypto world, the meme stocks Gamestop (GME) and AMC have had an influence on the crypto market in the last couple of days. For instance, the Solana meme coin GME pumped over 2,500% this week. Interestingly, these meme stocks have outperformed Bitcoin’s price action as well.
CrediBULL Crypto, a popular crypto influencer with almost 400k followers on X, weighed in on the GME meme coin’s price explosion. He acknowledged the coin’s substantial market cap (over $100 million) and momentum, but cautioned investors about the risks involved.
He emphasized that the coin’s move is based solely on momentum and narrative, and buyers could potentially be purchasing at the top, risking substantial losses.
This meme coin is over 100M marketcap now and looks primed for continuation atm. It’s more obvious than you think.
Unlike it’s twin brother in trad markets, trading can’t be paused on this one…
If you’ve figured it out and are thinking about buying some, just know it’s move… https://t.co/tTWzlFwqbx
— CrediBULL Crypto (@CredibleCrypto) May 15, 2024
Let’s explore what happened with meme stocks and if Solana meme coin presales will be the next to experience a similar explosive price surge.
Meme Stock Prices Pumping, Bitcoin Price Lags
As reported by Watcher Guru, “GameStop’s $GME stock has outperformed Bitcoin’s yearly returns in a single day.” This statement highlights the meme stock frenzy’s intensity.
JUST IN: GameStop’s $GME stock has outperformed #Bitcoin yearly returns in a single day.
— Watcher.Guru (@WatcherGuru) May 14, 2024
After a 74% rally on Monday, Gamestock shares continued to climb on the following day, along with AMC and other meme shares. Combined with AMC, another popular Reddit stock, the latest GameStop frenzy has cost short sellers over $5 billion throughout Monday and Tuesday. GameStop shares have gained around 200% in the last 12 months, and as of this morning, AMC price have doubled.
In comparison, Bitcoin’s price has increased by 124% during the same period, indicating that the GME meme stock price has recently outperformed BTC price action.
A crypto analyst Ali with almost 40k followers on X tweeted, “Bitcoin network activity continues to decline. More importantly, BTC whales seem to be taking a breather, with the number of large transactions also decreasing, as shown by data from Santiment.” This observation suggests a potential slowdown in Bitcoin’s momentum.
#Bitcoin network activity continues to decline. More importantly, $BTC whales seem to be taking a breather, with the number of large transactions also decreasing, as shown by data from @santimentfeed! pic.twitter.com/gaSaep3JoR
— Ali (@ali_charts) May 14, 2024
Bitcoin’s price is trading slightly below $62k at press time, with very low trading volumes in the last 24 hours. The Relative Strength Index (RSI) is around 40 on the daily chart, indicating a neutral to bearish sentiment in the short term.
If we examine the data for May, it becomes even more apparent how meme stocks have outshined Bitcoin’s price performance. Bitcoin started the month trading around the $60k level and is currently hovering around $62k, representing a modest gain of approximately 3%. In contrast, the GameStop (GME) meme stock has delivered a rally of nearly 500% this month alone.
Solana Meme Coins to Pump?
ClayBro, a popular YouTuber with over 120k subscribers, posted a positive video today about one Solana meme coin that recently finished its presale (where over $15 million was raised), Slothana, and a new Solana meme coin presale, Sealana.
He mentioned substantial gains associated with Slothana, as this meme coin on Solana pumped over 500% in the last 7 days to hit a $100 million market cap. However, SLOTH price is experiencing a 30% decline today and has a market cap of less than $70 million at press time, so it might potentially present a good entry point for investors.
The speaker highlighted that millions of dollars worth of Slothana have been burned recently, contributing to its price rise. Each cent gained in value leads to a further million dollars being burned.
Moreover, the video highlighted an influx of buyers, suggesting a bullish outlook for Sealana similar to that of Slothana. ClayBro stressed the importance of using the official affiliate link provided to avoid scams, reflecting the hype around meme coins and their potential for quick profits. Sealana raised over $900k in its crypto presale.
Based on everything above, these two coins, Slothana and Sealana, might potentially be among the best Solana meme coins to consider buying in at the moment.
Conclusion
All in all, meme stocks like Gamestop (GME) and AMC have outperformed Bitcoin’s price action in May. While the meme stock frenzy has provided substantial gains for investors, the crypto market has witnessed a surge in interest towards Solana meme coins and their presales.
Solana meme coins like Slothana and Sealana have garnered attention and raised funds during their presales, potentially positioning them as the next meme coins to experience a price surge.
Related
GameStop (GME) and AMC Meme Stock Prices Pumping – 3 Best Meme Coins to Buy Now
18 Best Cryptocurrency Presales to Invest in 2024 – Sealan ranks highly
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