Degen Picks GameStop Due to Lack of New and Interesting Crypto Narrative

Bittime - Degen chose GameStop because they were bored. The trend carried out by these degeners tends to indicate boredom in the crypto market .

As a result, traders take all available opportunities, and immediately put all remaining hope in them.

Market Psychological Factors on GameStop Price Increase

The unofficial price of the GameStop memecoin is surging along with a rise in GameStop stock prices, driven by a general sense of sluggishness in the market, according to some crypto traders.

“People are bored and taking what little hope they can,” crypto trader Daan Crypto Trades told Cointelegraph.

Also Read: GameStop (GME) Price Prediction, Will it Reach $86?

“The enthusiasm surrounding the GameStop memecoin suggests there is unallocated capital,” Tyr Capital chief investment officer Ed Hindi told Cointelegraph.

Solana-based memecoin GameStop (GME)—which has no affiliation with the company—is up 2,727% in the past two days, along with a 204.50% rise in GameStop's share price in the same period, according to CoinMarketCap and Google Finance data.

Source: https://cointelegraph.com/

This comes after well-known GameStop stock trader Keith Gill posted from his X account “Roaring Kitty” on May 12 for the first time in nearly three years.

Previously, Gill disappeared from social media on June 19 2021, but returned after a long hiatus, suddenly posting a cryptic meme of a gamer sitting in his chair to announce that he was back.

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GameStop and Other Memecoin Conditions

When degen chose GameStop, among the top 100 cryptocurrencies , Pepe (PEPE) fell to $0.000011, while Floki (FLOKI) was the only token that experienced significant gains in the same period, rising by 35.73% and 11.27%.

Dogecoin (DOGE) and Shiba Inu (SHIBA) surged on May 12 but have since dropped 1.76% and 1.39% respectively over the last 24 hours.

Also Read How to Buy Crypto:

This shows that traders are chasing a short-term narrative rather than having confidence in the market as a whole.

“Investors are overreacting to short-term trends like the GameStop event because the market is quiet right now. We need a new narrative in the crypto market,” said Hindi.

Additionally, overall market sentiment has declined over the past 30 days. 

According to the Crypto Fear and Greed Index, sentiment dropped about 10 points to a “Greed” score of 64 on May 15.

The Problem of Lack of Crypto Narrative and Degen Select GameStop

Daan believes that GameStop's stock price surge convinced crypto traders that related memecoins in the crypto market will follow in its footsteps.

The trigger is most likely boredom due to the lack of interesting crypto narratives recently, so I'm reluctant to choose GameStop

Also Read: Recommendations for the 5 Best Cryptos for Investment Right Now

“If prices are moving up and people don't know why, they will look for a narrative to support and explain the rise,” Daan explained, adding that the GameStop story "2021 is still fresh in many people's minds."

“I don't think there's any reason other than price increases that should happen. I've always believed that price precedes narrative. "So a project can have good fundamentals, but if the price doesn't move, people don't care," he added.

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In contrast, Dynamo DeFi founder Patrick Scott believes that “there is no shortage of narratives” in the crypto market.

“Tokenized real-world assets have grown from nothing to billions of dollars in the last few years,” he told Cointelegraph, pointing to currently emerging trends in Solana and decentralized physical infrastructure networks (DePIN):

“Solana's on-chain activity now rivals Ethereum's, and DePIN brings non-speculative revenue into crypto.”

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Price Prediction: Meme Coin PEPE Breaks Highest Price Record, Will It Continue to Soar?

SHIB: HODL or Sell? Shiba Inu Increase Analysis in May 2024

GameStop (GME) & Memecoin Phenomenon: Up Again? PEPE & POPCAT Prices Are the Trigger?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.