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Dogecoin, Floki, Dogwifhat Start to Surge as GameStop Jumps 19% in Pre-Market
Dog-themed tokens tend to move after rallies in video game retailer Gamestop, a so-called “meme stock.”
Updated May 28, 2024, 10:29 a.m. Published May 28, 2024, 10:29 a.m.
- FLOKI AND WIF are up as much as 8% since the start of Asian trading hours.
- GameStop stock rallies have often preceded a rise in crypto meme coins.
Several dog-themed tokens started to move higher Tuesday as stocks of video game retailer GameStop (NYSE: GME) surged over 19% in pre-market trading.
and dogwifhat (WIF), two tokens on the Ethereum and Solana blockchains, were respectively up as much as 8% since the start of Asian trading hours. rose 2% in the past four hours, while Solana-based was up 5.5%.
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Meme tokens tend to mirror movements in stocks such as GameStop and cinema chain AMC Entertainment Holdings (NYSE: AME). Some investors perceive these movements as a sign of euphoria, which can lead to irrational trading around certain stocks and meme coins.
In an earlier interview, Mog token developer Shisui told CoinDesk that much of the “Gamestop mania had spilled over to $DOGE and other meme coins” in 2021—an indication of a repeat on the cards if GME continues to gain favor among retail traders.
Tokens such as DOGE and FLOKI had earlier jumped as much as 30% in the second week of May after a viral post by retail trader Keith Gill. Gill’s cult following contributed to the infamous GameStop short squeeze of 2021.
Gill, who turned $58,000 into an estimated $50 million between 2019 and 2021 by buying GameStop (GME) options, sparked a run in the stock after posting from his @TheRoaringKitty X account for the first time in three years.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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