almost 3 years ago • 1 min
As trading volume in the most speculative stocks has declined over the past two months, it’s found a new home in the world of crypto.
As the chart above shows, the number of daily trades in dogecoin (in gray) has exploded just as volume in GameStop shares (in blue) has dropped back to normal levels.
While the US video game retailer is still consistently among the most discussed stocks on Reddit’s WallStreetBets forum, according to data from Quiver Quantitative, investor fervor appears to be leaving such meme stocks entirely in favor of the even wilder ride to be found in smaller crypto tokens like dogecoin and safemoon.
Will the price of such highly speculative cryptocurrencies eventually crash as GameStop did, or will the market find new narratives to send these tokens to fresh highs?
And with thrill-seeking traders’ attention spans seemingly only able to last a couple of months, where on Earth might they turn next if altcoins lose their allure?
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