Investing in meme stocks and pupcoins is like peanut butter and jelly – they complement each other so well. This year, there is no doubt that these two asset classes are colliding. Investors are now seeing these assets combined in a way they’ve never seen before. A couple of pupcoins have teamed up with GME (NYSE:GME), the king of meme stocks. The stock of GameStop, of course, is poised to rise on the news.
Gamestop sparked a whole wave of retail stock trading that nobody could have predicted.
No one except the dedicated members of Reddit’s r/WallStreetBets. They pumped the stock’s value from $17 to over $480 as they led a flock of buyers to the stock.
It remains controversial that the stock has been so successful; many institutional investors are certain that GME’s fundamental value is much lower than what it trades at now. However, retail traders aren’t backing down.
GameStop is also trying very hard to mount a compelling turnaround that will satisfy skeptics, as well as bring its supporters along. Having started with Chewy co-founder Ryan Cohen, the company is adding new members to its board and executive team left and right. In addition, it appears to be trying to become a play on burgeoning technologies such as non-fungible tokens (NFTs) and Web 3.0.
Crypto traders will find some exciting news from the company today as it continues to bolster its offerings. GameStop crypto is adding support for a group of crypto payments, including Shiba Inu (CCC:SHIB-USD) and Dogecoin (CCC:DOGE-USD). Investors are hailing the announcement as a big win for GameStop stock.
Dogecoin and Shiba Inu have been wildly popular cryptos of the year after both currencies saw massive price increases. Users of the Flexa crypto payment app will now be able to pay for goods at GameStop crypto with these currencies.
Early last week, Flexa’s official Twitter account announced that GameStop, crypto will be one of its newest partners. As a result, Flexa allows users to seamlessly transact with its partners via crypto at any time and at any location. Along with DOGE and SHIB, users can also pay with cryptos like Bitcoin (CCC:BTC-USD) and Litecoin (CCC:LTC-USD).
In fact, investors want places to spend their crypto holdings, and this is a big win for GameStop. Additionally, a lot of investors are interested in partnering with GameStop Crypto was too. Therefore, this news is largely bullish for both crypto enthusiasts and GME holders.
As we get into the afternoon, GME is down about 1%; the stock is also trading below average volume for the day.