<\/p>\n
Gamestop and a GME-inspired memecoin are rallying harder as hotter-than-expected inflation data boosts risk appetite in crypto and stocks.<\/p>\n
The producer price index (PPI), which measures what producers receive for their goods, increased 0.5% in April and was up 2.2% on a 12-month basis, according to the latest release<\/a> from the Bureau of Labor Statistics (BLS).<\/p>\n It was the biggest gain so far this year, and was higher than the forecasted 0.2%.<\/p>\n Meanwhile, stock indices have pushed slightly higher as Wall Street digests the data, and Gamestop, the meme stock that exploded in 2021 causing hedge funds to lose large amounts of capital, is continuing its resurgence following the return<\/a> of the movement\u2019s leader, \u201cRoaring Kitty.\u201d<\/p>\n GME opened the day over $64, up more than 142% from yesterday. It has since dropped down to $42, still 164% from where it finished last week.<\/p>\n A memecoin on Solana (SOL<\/a>), which also uses the GME ticker symbol, is currently up over 2266.13% in the last seven days, prompting analysts to ask whether markets are entering another frothy altcoin season similar to the last bull market cycle of 2021.<\/p>\n Pseudonymous analyst Altcoin Psycho tells<\/a> his 501,000 followers on the social media platform X that GME won\u2019t simply be an \u201coutlier.\u201d<\/p>\n \u201cGamestop will not be the outlier here. Study 2019-2021 & think about where that money will flow next.\u201d<\/em><\/p>\n The analyst says<\/a> that stocks will soon \u201cmimic 2019-2021 dynamics,\u201d and that \u201c2024 should be interesting.\u201d<\/p>\n Others aren\u2019t as convinced. Closely followed analyst The Flow Horse tells<\/a> his 215,000 followers on the social media platform X that the hype around GME will likely be over by next week.<\/p>\n \u201cPrediction.<\/em><\/p>\n The GME stuff is over by next week and crypto Twitter is frantically searching for any narrative rather than just waiting for better setups again.<\/em><\/p>\n Unless we start seeing some massive short interest build, because right now it isn\u2019t even close to where it was during the last mania.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Gamestop and a GME-inspired memecoin are rallying harder as hotter-than-expected inflation data boosts risk appetite in crypto and stocks. The producer price index (PPI), which measures what producers receive for their goods, increased 0.5% in April and was up 2.2% on a 12-month basis, according to the latest release from the Bureau of Labor Statistics […]<\/p>\n","protected":false},"author":2,"featured_media":265466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-301913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/301913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=301913"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/301913\/revisions"}],"predecessor-version":[{"id":301918,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/301913\/revisions\/301918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/265466"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=301913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=301913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=301913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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