GameStop Pumping AGAIN!! Why?
Gamestop (GME) promotes massive rally
Behind the rise in prices was pumping by Reddit users
Crypto traders are outraged by the double standards that discriminate against the crypto industry
International consortium of news organizations developing transparency standards.
Cryptotwitter was outraged as he watched the parabolic pumping of the American company Gamestop.
Between January 8 and 25, Gamestop, an American video game retailer, skyrocketed from $ 18 to $ 157. Some are convinced that the only driver of this rally was the targeted pumping by Reddit users..
Gamestop: melting ice cube
Gamestop’s (GME) share price skyrocketing is telling. The company, which sells game consoles, computer games and gaming accessories, has struggled to survive over the past years. In the summer, the value of its shares dipped to a minimum of $ 2.
Gamestop stock up 125% thanks to r / wallstreetbets
– Daniel Ahmad (@ZhugeEX) January 25, 2021
The once leading global retailer began to lose ground amid the loss of user interest in this industry in the digital era. Gamestop’s retail sales have been falling for years, prompting Business Insider observers to call the company “dying.” Wedbush analyst Michael Pachter compared retailer to “melting ice cube”.
Jim Cramer breaks down the GameStop short squeeze
Gamestop Parabolic Growth (GME): TradingView
However, on January 22, 2021, the company’s stock caught everyone’s attention, soaring to all-time highs around $ 160..
What do you think of the Gamestop stock pump? Share your opinion in the comments and join the discussion in our Telegram channel!
In parallel, speculation appeared that a thread in the Reddit community r / WSB (Wall Street Bets) was behind such a price pumping. Earlier, the editorial staff of BeInCrypto had already warned about the tendency of participants in the Reddit forums to manipulate the market. Presumably, this time there was a similar purposeful squeeze of short positions, causing a rally.
One trader on Reddit turned $ 53,566 into more than $ 11 million. This is how WallStreetBets pushed GameStop shares to the moon https://t.co/vgIDWX6JQV
– Bloomberg (@business) January 25, 2021
According to Business Insider, short sellers betting on a decline in Gamestop shares suffered losses of $ 1.6 billion in just one day on January 22nd. They immediately blamed the activity of Reddit users for their losses..
After this attack, the share price has pulled back and at the time of writing is around $ 77.
Crypto community members, including professional and retail traders, responded vividly to this news, as they are extremely close to the topic of asset volatility and risk exposure..
One of the cryptocurrency influencers Altcoin Psycho compared a Gamestop stock pump to a Dogecoin stock pump:
So GameStop started pumping hard as a meme ….
Does that mean crypto memes like $ doge are next?
– Altcoin Psycho (@AltcoinPsycho) January 25, 2021
Trustswap CEO Jeff Kirdeikis pointed to the hypocrisy of crypto critics. He stressed that stocks in the “traditional” sector are just as vulnerable to manipulation as crypto assets..
"Crypto is too dangerous and volatile, it needs regulations!"
Sir, please take a look at this GameStop short-squeeze orchestrated by a single subreddit pic.twitter.com/CubTs0lmJb
– Jeff Kirdeikis (@JeffKirdeikis) January 25, 2021
Eric Conner, one of the developers of Ethereum and the founder of ethhub.io, supported Kirdeikis, adding that pumping stock prices by 660% is no different from a scam in the crypto space. He drew the attention of those who indiscriminately call all cryptoassets a scam and believe that trading should only be done with proven traditional instruments..
When stock bros tell you crypto is a scam and they only trade assets they can value, remember that Reddit just meme’d a 660% rally out of Gamestop. pic.twitter.com/AKUfsU9APc
– eric.eth (@econoar) January 22, 2021
Twin 1, the Twitter account of Cardano’s staking pool, says crypto is no match for the crazy situation surrounding Gamestop stock.
Normally not talking about prices that much but if you think crypto is volatile, just check out todays price action of the #gamestop stock. Thats what a blow off top looks like.
I thought that looks too crazy not to share.
Compared to that the run in #crypto just has started.
– TWIN1 | twin staking (@twinstaking) January 25, 2021
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