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Crypto Market Is Not Serious With Its Meme Coin

Cryptocurrency May 10, 2021 03:31AM ET
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Crypto Market Is Not Serious With Its Meme Coin

  • The recent announcement of Bill and Melinda Gates’s divorce after a 27-year marriage raised some eyebrows while others saw it coming a mile away.
  • A comment from a Reddit user showed that billionaires were taking in large short positions to protect their assets from impending divorces.
  • The comment was discovered by members of a Reddit investment group, r/GME, leading to a buzz that has seen GameStop (NYSE:GME) rise in value.
  • In contrast, the crypto market is seemingly not serious with its meme coins, as it failed to generate any buzz from the recent divorce of Bill and Melinda Gates.

GameStop seems to be the biggest winner after the news of Bill and Melinda Gates’s separation became public knowledge. It appears that this was a predictable scenario, as evidenced by the comments dug up by members of the Reddit board r/GME from two months ago. As a result of the flurry of activity generated by the discovery, GameStop stock turned around a negative trend to sneak into the greens.

Marriage Split – A Comment On Reddit Saw It Coming

On Tuesday night, Bill and Melinda Gates made a joint statement to announce that their 27-year marriage will be coming to an end. While this might come as a shock to several parties, it seems a Reddit user with the moniker Jobom3 predicted the split.

The user made the comments two months ago while trying to make sense of the peculiar market situation that had seen an increase in the number of borrowed GameStop shares. The comment pointed out that the reason for the spike in the number of borrowed shares was because the ultra-wealthy “are buying time to secure their personal assets.” He further said that these billionaires would either move the assets offshore or divorce their wives.

Users dug up the comment and were in awe about the accuracy of its prediction of further divorces from the ultra-rich. This is hinged on the fact that one million GameStop shares were borrowed from exchange-traded funds (ETFs), in a move that is considered to be part of the ongoing strife between hedge funds and retail investors.

The high-profile divorce follows those of Amazon (NASDAQ:AMZN) CEO Jeff Bezos and Google’s Sergey Brin. Since the comments were discovered by members of the Reddit board r/GME, the situation has turned to be a positive one for GameStop as its price went on an upward swing.

On the Flipside

  • Bill Gates is poised to make an indirect investment into cryptocurrencies after his hard stance on Bitcoin was made public.
  • Speculation is rife that Bill Gates will choose Facebook’s Diem over Bitcoin or Dogecoin.

Crypto Market Not “Serious” With Its Meme Coin

Dogecoin, popularly referred to as the meme coin of the crypto-verse, was released seven years ago as a joke based around the popular “Doge” internet meme but has gained serious traction since then by going on a remarkably bullish run.

Despite being based around a joke, Dogecoin’s recent spike has prompted the financial system to take note of the coin. It recently reached an all-time high of $0.6953 three days ago, with its market capitalization pegged at a whopping $80.6 billion, largely buoyed by tweets laced with humor from Elon Musk.

While GameStop’s recent rise could be linked to the revelation of Bill Gates’s divorce, Dogecoin’s recent performance is attributable to tweets, memes, and the incredible support of the community.

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Crypto Market Is Not Serious With Its Meme Coin
 

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