Meme Markets: Coming Two
The last time meme stocks went live was in late March, and that was due to a combination of catalysts.
Ryan Cohen Advertise a stake in bed bath and outside BBBY I bought a shipment from GameStop Corp. GME Involved. around the same time, AMC Entertainment Inc AMC Executive Director Adam Aaron revealed a large stake in Haycroft Mining Holding Company HYMC.
Tesla Corporation TSLA He was considering a stock split at the time, and more than 25% of the GameStop float was short sold.
TradeZero at SEC Crosshairs: Despite the lack of huge catalysts this week, retailers saw good news about GameStop, the king of meme stocks.
On May 24, the Securities and Exchange Commission imposed a fee on the trading broker want zero America Inc and its co-founder Daniel Bebeton Falsely stating to the company’s clients that they did not restrict clients’ purchases of M shares in January 2021 when in fact they did.
According to the SEC, TradeZero has halted buying for about 10 minutes. After the stop, TradeZero and Pipitone allegedly made misleading public statements via interviews, social media, and in a press release to distinguish their company from brokers who restricted trading during that time.
The Securities and Exchange Commission (SEC) imposed a $100,000 fine on TradeZero and a $25,000 fine on Pipitone.
GameStop trends again: Regardless of TradeZero and Pipitone, the current number of shorted shares on GameStop is approximately 26%. According to Benzinga Pro, volume has averaged around 4.5 million over the past 100 days.
GameStop has been trending on social media for several days, and more than 6.3 million GameStop shares were traded during the Thursday morning session, indicating a possible short squeeze.
On May 25, GameStop’s “train” left the station, with the stock soaring more than 27% during the trading session, dragging other stocks like AMC and Bed Bath & Beyond with it.
Here are the stocks that have fallen since May 25:
- GameStop Corp. GME
- AMC Entertainment Holdings Inc AMC
- Bed Bath & Beyond Inc. BBBY
- kos company cos
- BlackBerry Ltd. BB
- Newegg Commerce Company NEGG
- Haycroft Mining Holding Company HYMC
- Tesla Corporation TSLA
Meme’s stock is notorious for being very volatile. Given the paucity of news this week, the upward trend in meme names can be interpreted as investors looking for short squeezes, similar to the January 2021 fiasco, which generated an entirely new investor base.