Another Sign Meme Stocks and Crypto are the Same Trade

The meme stocks are going nuts again today, with AMC surging pre-market. It feels like we’re in this never-ending market timewarp where the same stories keep happening day after day. In addition to AMC going nuts, there’s another story about traders buying a stock because of an Elon Musk tweet. It never ends. Also Dogecoin is up over 30% over the last 24 hours after Coinbase Pro added it to its trading platform. 

If it all looks like one big trade, well… there’s a reason for that.

If you look at Google Trends searches for Bitcoin and Ethereum, you can see they’ve come down a little bit lately. But it’s interesting to look at the related searches for both, which show a large crossover between them and the memestocks like Gamestop and AMC.

Another Sign Meme Stocks and Crypto are the Same Trade

One question is, what does this mean for crypto? One interpretation is that it’s just a gambling, speculation thing without much fundamental underpinning. The other possibility is that while it starts as a gambling thing, because people get hooked on the volatility, that it in turns drives “adoption” (or whatever that means) thanks to its popularity. 

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