➡️ The #GME token surged by 1,800% in a week

GME utilizes the stock ticker of the legendary #GameStop, although it is not officially associated with the company. On Monday, GME saw a 1,247% increase with a total trading volume of over $70 million. The surge is attributed to the return of the Reddit trader Keith Gill, who rocked the boat with GameStop three years ago and became a symbol of resistance against Wall Street. 💪

If you missed all the buzz surrounding GameStop and are curious about what happened back then, drop a comment 🔥, and we'll prepare a special long read to reconstruct the timeline of events and explain why it was a significant precedent for the entire financial industry.

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⚡️ You’ve been waiting, fiercely spamming likes on the post about #GME, and finally, here it is!

Today you will learn about the hype around #GameStop and how the little guys knocked down Wall Street a few pegs and created the first economic flash mob in history 🐹

Let’s start from the beginning. In 2021, GameStop was engaged in retail sales of discs, consoles, and other gaming stuff. Since 2015, it had started to experience difficulties with its existing business model, which is understandable given that digital distribution of games had been putting pressure on physical media and offline retail for several years. Furthermore, amid the pandemic, the company's shares fell to a historic low of $4.5 each

It's not hard to guess that with such results and economic prospects, GameStop became an excellent target for short-sellers from major funds

Everything would have been fine, but the situation GameStop was in caught the attention of Reddit traders, who saw an injustice in the fact that the "big guys" on Wall Street were profiting from a dying company. Without much hesitation, the guys from Reddit decided to teach the boomers a lesson 🤷‍♂️

The "mom's basement traders" from the subreddit r/wallstreetbets started buying up options on GameStop shares under the slogans "Save gamers' honor" and "Punish the hedge fund piranhas." And the more options that were bought, the more the stock price rose. The losses of the hedge funds that bet on the decline exceeded $5 billion, and many had to attract borrowed funds to stabilize. In short, poor Norwegian pensioners were unlucky once again

The situation worsened when the meme lord himself, Elon Musk, joined the party. With his tweet, he doubled the price of GameStop shares, and apparently, it was then that he realized that Twitter could be used not only for jokes about trampolines.

Stay tuned for more tomorrow, and in the meantime, send this post to your friend who also doesn't understand what #GME is and why the revived Twitter guy in the red bandana is pumping #memecoins

🤔 What do a memorial and a memorandum have in common? That's right—they both contain "mem" (yes, literally)

With this longread, we open the series of essays "Zoomer's Dictionary," which aims to explain some features of modern trendy terms and linguistic constructions. And we will start with the most interesting one for the cryptocurrency industry—memes.

The word "meme" comes from the Greek "mimema," meaning "imitated." Richard Dawkins introduced this term in his book "The Selfish Gene" to describe how ideas spread and evolve in human society. Memes often have a humorous nature, which is their main strength because it makes them highly understandable and allows for the easy transmission of multi-layered context. For example, the meme abbreviation "POV" (Point of View) immediately indicates that the conveyed message is about a lifestyle that the author tries on to describe a particular life situation: "pov: you’re a novice trader" 💸

Memes have tightly integrated into digital communication and can not only entertain with funny pictures but also significantly influence public opinion, politics, and even finance, as we observe with the rise of #memecoins. Like a virus, a simple and precise meme instantly captures the minds of millions, evoking a strong emotional response. If the stated philosophy of a project, framed in a simple "meme-message," resonates with many people, they vote for such a project with their money, allowing it to grow in value. Tokens like #GME and #FreeTrump have shown growth not because of any special technological value, as is often the case with other cryptocurrency projects, but solely because a large number of people shared the stance promoted by these memecoins.

In the second part of the material, we will talk about Dogecoin and Shiba Inu—stay tuned for tomorrow 🐶