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Is the GameStop (GME) Frenzy Impacting Crypto Meme Coins? Should Investors Proceed with Caution?

Excitement is brewing in the crypto world, mirroring the recent GameStop (GME) frenzy, particularly in the realm of meme coins. Following the release of US CPI figures aligning with market predictions, meme coins, especially top contenders like PEPE, have seen a surge.

The Party Continues for Meme Coins Amid GameStop Frenzy

According to on-chain analytics provider Santiment, the memecoin sector has been the star performer in the crypto market during Q2. Coins like $PEPE (+100%), $PONKE (+96%), $MAGA (+80%), and $TURBO (+78%) have witnessed significant spikes. In the past week alone, meme coins have experienced a whopping 136% surge in trading volume.

In the meme coin sphere, PEPE Coin stands out as one of the best-performing altcoins, hitting a new all-time high earlier this week.

A noteworthy highlight is the incredible 4,000% rally witnessed by the GameStop (GME) meme coin, operating on the Solana blockchain, over the past two days. It’s crucial to note that this meme coin is distinct from the GameStop company, which witnessed a 200% surge in stock price over the last three trading sessions. Caution is advised for investors trading the $GME meme coin, as its price has recently plummeted by almost 50% in the past 24 hours.

Cautionary Notes for Investors

Santiment, the on-chain data provider, reveals that the Gamestop and AMC mania is exerting a substantial impact on the crypto community due to shared speculative behavior. These entities are dominating conversations across various crypto platforms. Traditionally, such frenzies often herald market shifts, offering strategic traders opportunities for gains.

That said, impulsive trades driven by FOMO can lead to significant losses for investors, as highlighted by on-chain data provider Lookonchain, citing cases of traders losing thousands of dollars due to impulsive FOMO-based decisions.

Market experts remain cautious on meme coins, especially after a strong rally earlier this year. Renowned crypto analyst CrediBULL Crypto warns about potential corrections in major meme coins like $DOGE, $PEPE, and $WIF before their next upward movements.

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