Following the Wallstreetbets saga last week, a great number of the popular shares being fueled by social media have started to tank in value. Gamestop shares dropped over 60% on Tuesday, while AMC dropped more than 49% shaking investors who bought into these stocks to the core. Meanwhile, a number of cryptocurrency advocates believe the only true way to stick it to the bankers and Wall Street is to leverage digital assets like bitcoin.
Reddit’s Favorite Stocks Begin to Feel Pain
Last week, news.Bitcoin.com published numerous reports on the fiasco that started on the Reddit forum r/wallstreetbets and then went viral across the internet. Redditors, meme lords, and retail investors attempted to short squeeze Gamestop (GME) shares and at first they were successful in shaking out billions from hedge funds.
The trend also moved into a few other stocks like AMC theaters and the mobile company Nokia. However, after a few days of headlines, these stocks and even silver started to feel the weight of people offloading their shares in order to escape.
Shares of Gamestop Corp. (GME) dropped significantly in pre-markets sliding over 60% and on Tuesday morning GME continued to slide. Even after the controversial ‘silver squeeze,’ the precious metal dropped 5% after touching $30 per ounce breaking an eight-year record. AMC Entertainment Holdings Inc.
