Trading Memes: Dogecoin Still Outperformed GameStop Over the Last Week

Meme stock mania returned last week, and was the talk of the town on Wall Street. But while the craze appears to have died down, coins like Dogecoin—the leading meme coin by market cap—are still winners.

The price of Dogecoin over the past seven days has risen nearly 2%, according to CoinGecko. The Elon Musk favorite and 10th biggest digital asset by market cap is now priced at $0.153, having jumped 2% in the past 24 hours as well.

Meanwhile, GameStop (GME), the original meme stock, has shed nearly 35% of its value in the same timeframe.

It’s now priced at $19.80, down from a closing price of $30.45 on Monday, May 13.

Internet star and financial analyst Roaring Kitty, whose real name is Keith Gill, posted on Twitter for the first time in nearly three years on May 12. The next day, the price of GameStop had exploded in value; it had soared by over 200% by Tuesday.

But most of those gains have now been taken home by traders.

Roaring Kitty—who also goes by the name DeepFuckingValue on Reddit—started the meme stock trading craze back in 2021. The idea was that amateur traders could get involved in making money by buying shares of companies professionals on Wall Street had shorted.

The craze caused chaos and regulators had to get involved. It also spurred a trading frenzy in meme coins—cryptocurrencies that are based on Internet memes and jokes.

Last week was no different, and many meme coins and tokens surged in value. A lot of those coins have since plunged over the week, but Dogecoin—originally created as a joke—remains in the green even after that cooldown.

Edited by Andrew Hayward