GameStop Memecoin Soars

Trading volume is skyrocketing for one particular coin as well, which is really interesting, and that is one that's linked to GameStop, at least in terms of name, symbol, logo. Although there's no official link between this token GME Crypto token and the company GameStop, it is absolutely soared ever since the meme stock has taken off, going from nearly zero to almost two cents, which is a lot Shonali. It sure is, and we're going to discuss it with Bloomberg's Emily Nicole, who reported on this. Emily, describe exactly what we saw happen this week. So just as you'd expect to see in the actual GameStop shares and in the shares of other meme stocks like AMC, we saw a similar rally happen in meme coins that are named the same but aren't actually affiliated with the actual projects or or companies. And in that case, I mean, if you were looking at like the GME token that you guys just had on screen, even if you'd bought right before the token jumped when, you know, that tweet came out on Monday morning, and then to now, it's definitely come off the highest the same way as the stocks themselves have, but you'd still be up about 2800%, which is a pretty tiny return compared to probably what people are getting in the shares. Yeah, it still seems to be worth far more than it should be. I mean, there's no intrinsic value. I suppose you could say that about a heck of a lot of the assets that we cover. Is GameStop not angry about this? I mean, if somebody started a Matt Miller coin and used my logo, I'd be pretty unhappy about it. Oh, I bet. I mean, it's we haven't asked GameStop to find out, but it's pretty typical in crypto. Anybody can make one of these coins in a matter of minutes and and you know, finding out who's responsible for them is pretty difficult as well. Crypto, as we know, is a pretty anonymous environment and so finding out who even made these coins is pretty difficult to do. The coin itself is still out there. You can still buy it, but you know you're not seeing it on any of the main exchanges where you might actually be able to find out who's behind the projects. You're not going to see it on on Coinbase or any of those big ones. It's all going to be in the the tidy world with centralized finance. To your point here too, what trust is there when you don't know who's behind it? Of course we know that when it came to buying the initial GameStop stock, it was behind the real return here of Roaring Kitty. Why did we see the crypto version get as much love? Do you think it continues at this point? Crypto investors love to speculate. It's kind of the entire point of crypto is speculation. And so the fact that something doesn't have intrinsic value, it doesn't have a known person behind it or a known company, I mean, that's nothing. It's pretty much the way you have to interact with the whole industry. And so in this particular case, the the coin that we're talking about here, GME, it was made back in early January and so it's been around for a couple of months. It's something that you probably, you know, as meme coins gained popularity again, somebody thought, oh, here's a bright idea. I'll make one that's linked to a meme stock in case that comes back again. And look, that's what exactly it did in terms of those buying the coin. I mean, yeah, they have they have no recourse here. It could. The project founder could easily take all of the money out of the projects and and just run away with it and what's done into the rug pool and and you'd be left with nothing and but that's the fun of it almost right? I mean you could have these massive returns and potentially make some money if you sell at the right time. It's also matter of whether there's liquidity in the market to even buy what you want to sell. It's totally, you know, free for all massive returns and or rug pole. That is the fun of it.

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