GameStop (GME) Stock Rally Hints At 50X RoI In 4 Meme Coins To Buy

Investors have been quick to snap up meme stocks like Gamestock (GME), which has continued to rally in the last few days. This attention has also spilled over to meme coins to buy like Shiba Inu (SHIB), GameStop (GSTO), Pepe Coin (PEPE) and Dogecoin (DOGE).

Gamestock (GME) and meme coins drive a narrative that seeks to defy the principles of wealth creation that could turn ordinary investors into instant millionaires. GME and other related stocks show immense potential in this quarter. The GME stock price posted a modest rally from late last week from $17.50 to $23.33, Yahoo Finance data shows.

Since last week, attention has gradually shifted to meme stocks like GamesStop and AMC Entertainment Holdings (AME), a cinema chain. For some investors, the drastic increase in the values of meme stocks often signals euphoria.

This hype has a way of spreading into the cryptocurrency market, impacting meme coins. The GameStop mania had spilled over to $DOGE and other meme coins,” during the bull market in 2021.

1. Meme Coins To Buy – Dogecoin (DOGE)

Dogecoin (DOGE), a popular cryptocurrency based on the beloved “doge” meme featuring a Shiba Inu, has seen a notable increase in its value recently. Currently holding a market cap of $22.75 billion, Dogecoin ranks eighth among all cryptocurrencies and stands as the leading meme coin.

The Dogecoin price has climbed to $0.1628, marking a 5% dip in the last day. This makes Dogecoin a potential crypto to sell if Bitcoin drops to $65,000 before June.

Over the past year, Dogecoin has surged by 124%. This remarkable growth is underscored by a surge in large transactions, indicating significant investments from major players or “whales.” This trend suggests a heightened interest in Dogecoin.

2. Shiba Inu (SHIB)

The second-largest meme coin hovered at $0.000026 on Tuesday. Bulls have recouped the losses experienced in the last 24 hours, affirming the positive outlook for this week.

As the trading volume nears the $1 billion mark, interest in SHIB is bound to grow. This could increase the chances of a breakout above $0.00003 and subsequently to $0.000035.

A stronger support was established along the ascending trendline. Moreover, Shiba Inu’s position above the 200-day Exponential Moving Average (EMA) backs the uptrend despite the correction from the Q1 peak at $0.000038.

Now that Shiba Inu Coin has climbed above two other critical EMAs—the 20-day and the 50-day, the path of least resistance is gradually shifting upwards.

Should the price breach the first solid hurdle around $0.000028, a stronger breakout above $0.00003 will emerge. Investors sitting on the sidelines may flock into the market, creating FOMO and escalating the breakout eyeing $0.000035. Shiba Inu Coin can achieve a new milestone above the Q1 peak in June, setting the pace for the bull run.

3. Pepe Coin (PEPE)

The frog-themed meme coin, Pepe Coin, has managed to sustain an upsurge in May. This rally was primarily driven by the recent approval of spot Ethereum and Bitcoin nearing the $70,000 mark. However, this week, PEPE’s recovery momentum has slowed, accompanied by decreasing trading volumes, indicating the potential onset of a new correction trend.

An analysis of the daily time frame shows that the PEPE coin price has been riding a steady recovery for the past six weeks under the influence of an ascending trendline. The series of new higher lows indicate an active accumulation trend which uplifted this memecoin from $0.00000393 to $0.000016 recording a 300% jump.

4. Dogwifhat (WIF)

The Dogwifhat price  8% surge in price in the past 24 hours, has triggered renewed interest among crypto investors. The price of WIF at press time is $3.24, representing a 15.5% increase in the past 7 days.

Currently, the WIF price is in an ascending triangle, having tested the upper boundary twice already – maybe the third time’s the charm. But having been rejected twice, this resistance around $3.5 may prove hard to break.

The Dogwifhat price is trending above the 50-day and 200-day simple moving averages, although the price action has been rather tightly interwoven with the indicators in the recent past.

WIF price uptick happened around the same time a Solana whale spent 17,966 SOL (approximately $2.98M) to buy 953,177 WIF. The whale managed an entry of around $3.13 and is currently 3.51% in profit. The whale single-handedly caused a WIF’s price to move up by about 7%.

On May 21, this whale also spent about 1 million USDC to purchase 355,417 WIF at $2.81. The whale later sold the following day at $3.07, bagging $90,000 in profit. This data underscores the importance of whales’ involvement in crypto markets. 

Final Thoughts

Meme coins tend to move in large margins whether up or down. The new hype in the sector promises a major run in the price of tokens like DOGE, SHIB, WIF, and PEPE. A careful diversification into these tokens could positively impact crypto portfolios, opening the way to better prospects.

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