Musk makes GME stock price soar by 134%! FTX lists equity tokens, DeFi

[Cordillerabit]

The physical video game retail chain GameStop has been shorted by institutions due to its declining revenue in recent years. Its stock price (NYSE: GME) has been declining. The retail investors on the Reddit stock discussion board have staged "Ant Moving "The game is to concentrate the bargaining chips to push up GME's stock price, squeeze short-selling institutions, force institutions to cover their stocks, and then push up the stock price. The drama of this retail sale of institutions did not end because the price rose from US$20 to US$76. Instead, it attracted more attention. Even Musk came to participate. On the 27th, GME soared again by 134%.

The retail investors who were ridiculed by the shorting agency Citron (Citron Research) as "losers at the poker table" once again proved that unity is powerful. Fueled by the various parties, GME's stock price soared again by 92% on Tuesday (1/26), and the price was quoted at US$147.

The scary increase also attracted the sidelines of Tesla founder Elon Musk. He tweeted "Gamestonk!¹". As a result, GME surged 134% again on the 27th to quote $347.5. Musk's assists also allowed him to gain a number of fans, and Reddit villagers now call him "PapaMusk".

And how crazy are retail investors now? GME soared by 134% yesterday, 92% the day before, 434.5% in a single week, and 1,744% in a single month. DeepFuckingValue netizens who previously made 211 times profit, the total account amount has reached 47.93 million US dollars, and the profit is more than 600 times.

Not only that, but Reddit netizens also threatened to wait until $1,000 before letting go, and retail investors went crazy.

In fact, it's not just GameStop's stock price that has risen. In the past few weeks, the stock prices of movie theater chains that have been affected by the epidemic have surged. Experts believe that the fluctuations in the market of these individual stocks are not from the hands of legal entities but from an army of retail investors who prevent the epidemic at home. These retail investors usually exchange investment strategies on Reddit or other forums.

However, Wall Street Journal columnist Mike Bird believes that entering and exiting that day is a high-risk investment behavior, and investors will not know if they are someone else’s picking up leeks, and this phenomenon is just an "after-show" after dinner. , Will not affect the capital market.

"Economic Daily" quoted Danske Bank Wealth Management Investment Strategist Lars Skovgaard Andersen, and held the same view. He believed that this buying method would only affect small stocks, but this crazy behavior made him think of The dot-com bubble around 2000.

Source: Bityard