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All Roads Lead to Crypto and the AMC Meme Stock One May Too

coinnewsdaily by coinnewsdaily
June 3, 2021
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All Roads Lead to Crypto and the AMC Meme Stock One May Too
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All Roads Lead to Crypto and the AMC Meme Stock One May Too 101
Resource: Adobe/MichaelVi

After a short break, meme stocks are on the move again, making headlines (only) some people rich, with two major messages for the Cryptoverse coming from it: that the Robinhood-type dealers may be turning to the new meme inventory instead of crypto for the time being, but in addition that, paradoxically, the issues they face there may divert them right back to crypto.

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Meme-stocks might be a thing which pops up every so often for the foreseeable future, and this round, we are speaking about the exploding shares of the nearly bankrupted movie theatre chain AMC Entertainment Holdings Inc.. , driven by the (by now (in)famous) Reddit army. Its cost nearly climbed yesterday, hitting USD 62.55, its personal all-time high.

At one stage, the inventory spiked over USD 72. Its year-to-date change is 2,850%.

AMC cost chart:

All Roads Lead to Crypto and the AMC Meme Stock One May Too 102
Resource: nasdaq.com

This comes after AMC reported promoting 8.5m newly issued shares to hedge fund Mudrick Capital. On Tuesday, they raised USD 230m straight from this firm, one of its most important lenders, which, according to Bloomberg,”quickly dumped its entire stake to get a tidy profit and known as the provider massively overvalued, [and] the Reddit retail-trading crowd was having none of it.”

Reportedly, over 3.2m individuals owned a stake in AMC as of March 11, accounting for over 80 percent of its investor base.

AMC took a step towards these brand new retail investors, offering exclusive promotions, special screening invitations, and free popcorn, and among other perks – a move which seems to be largely praised among the commenters.

Other shorted stocks went up too, such as Bed Bath & Beyond, final at USD 44.19up 62%.

What this scenario is reminiscent of is the formerly much-discussed GameStop saga, which might be regarded as the beginning of the meme-stock age – the WallStreetBets (WSB) subreddit yanking the businesses from near-death and pumping the purchase price of their shares, angering the Wall Street and hedge funds along the way.

And where’s crypto in all this?

On the 1 hand, it would appear that Robinhood dealers and retail investors might be drawn to the AMC type of chances once more this season – be it for a fast dollar or the’stick it to the man’ narrative, or even both. This also suggests that some cash which might have been potentially invested in crypto will meme stocks.

But there is the other hand: these meme stocks can also be reminding of a difference between traditional and decentralized markets. Since Nasdaq and Robinhood had done before with GameStop, the New York Stock Exchange stopped AMC stock trading several times, as hundreds of millions of shares were being traded on Wednesday.

To the Cryptoverse, this was just another affirmation of crypto and decentralized fund (DeFi) technological excellence. “When they stop meme stonks like AMC, the people just have another reason to come to crypto,” explained Chris Burniske, co-founder of Placeholder, a partnership firm that specializes in cryptoassets.

Only setting up my twttr

— port (@jack)

For some commenters online, purchasing crypto means investing in technology which will have a continual effect on industries, while meme stocks are gambling.

And there is more. Short sellers may be adapting quickly.

But Mudrick’s move might indicate “a change of tack by institutional investors from the market” since the hedge fund “was ready and willing to move in to exploit the bull run began by armies of internet retail dealers,” argued the UK Investor.

An issue with meme shares phenomenon was raised by VICE, saying that its darker side is “rooting for surveillance startup Palantir because it empowers ICE deportations and expands its own sourcing of government contracts.” And while hardly any exited in time while the cost has been pumped, many have endured losses on this bet, the article said.

Only setting up my twttr

— port (@jack)

All this said, an individual could assert that there’s a threat appetite presently present, and a few have very specific methods of gauging danger appetite.

Only setting up my twttr

— port (@jack)

____

Know more:
– Are GameStop-Style Surges In Crypto Any Different From Old Pumps & Dumps?
– GameStop: I am A WallStreetBets’Degenerate’ & It’s Only Getting Started

– Crypto Traders Might Find Familiar Playbook In GameStop Hearing
– From Tulips and Scrips to Bitcoin and Meme Stocks — Speculating & Mania

– A Reddit Army Blurs The Line Between Crypto and Conventional Finance
– GameStop and Dogecoin Show The Way Memes Can Move Markets

Tags: Bed Bath & BeyondBloombergBusinessChris BurniskeCrypto BusinessDogecoinGameStopinternet retail dealersPeter ThielReddit armyThe New York Stock Exchange
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