Dogecoin, Floki, Dogwifhat Start to Surge as GameStop Jumps 19% in Pre-Market

Dog-themed tokens tend to move after rallies in video game retailer Gamestop, a so-called “meme stock.”

AccessTimeIconMay 28, 2024 at 10:29 a.m. UTC
  • FLOKI AND WIF are up as much as 8% since the start of Asian trading hours.
  • GameStop stock rallies have often preceded a rise in crypto meme coins.

Several dog-themed tokens started to move higher Tuesday as stocks of video game retailer GameStop (NYSE: GME) surged over 19% in pre-market trading.

Floki (FLOKI) and dogwifhat (WIF), two tokens on the Ethereum and Solana blockchains, were respectively up as much as 8% since the start of Asian trading hours. Dogecoin (DOGE) rose 2% in the past four hours, while Solana-based bonk (BONK) was up 5.5%.

Dog-themed meme coins. (CoinGecko)
Dog-themed meme coins. (CoinGecko)

Meme tokens tend to mirror movements in stocks such as GameStop and cinema chain AMC Entertainment Holdings (NYSE: AME). Some investors perceive these movements as a sign of euphoria, which can lead to irrational trading around certain stocks and meme coins.

In an earlier interview, Mog token developer Shisui told CoinDesk that much of the “Gamestop mania had spilled over to $DOGE and other meme coins” in 2021—an indication of a repeat on the cards if GME continues to gain favor among retail traders.

Tokens such as DOGE and FLOKI had earlier jumped as much as 30% in the second week of May after a viral post by retail trader Keith Gill. Gill’s cult following contributed to the infamous GameStop short squeeze of 2021.

Gill, who turned $58,000 into an estimated $50 million between 2019 and 2021 by buying GameStop (GME) options, sparked a run in the stock after posting from his @TheRoaringKitty X account for the first time in three years.

Edited by Oliver Knight.


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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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