Elon Musk has really out-memed himself with his latest stunt. In a recent SEC filing, the CEO and CFO of Tesla have dubbed themselves Technoking of Tesla and Master of Coin, respectively. I mean, I suppose if you're one of the richest people in the world who can come back from the dead and whose tweets have the power to sway the meme-stock market, the world must look like some sort of game to you. Unsurprisingly, Twitter has some takes after waking up to the news of Musk's latest trolly moves, and we've collected some of the most amusing latest reactions.
meme stocks
After a slow and steady climb from $50 three weeks ago, GameStop stock soared close to $350 a share today and then dropped to $200 within minutes. What the hell happened? Gamma squeeze? Market manipulation? Short sellers? Retail investors switching to Roblox? We're all completely flabbergasted but one thing is certain: we wish we'd bought some shares when it was at $45. Hindsight sure is cruel. Though many are full of FOMO and regret, the diamond hands are rejoicing today as their heavy bags quickly become gains once again. Where will GameStop go? To the moon or to its grave? Whatever the hell is happening, it sure is exciting to watch this wild ride. We've collected a bunch of Twitter reactions to the meme stock chaos today.
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Lately it seems like there are more people than ever trying to escape debt and full time work life by investing in volatile stocks, perhaps because of the whole GameStop frenzy, or maybe because people are sick of being dispossessed, quarantined, and out of control of their lives. It's easier to 'YOLO' your life savings into a volatile stock if you feel like you've got nothing to lose and nothing better to do. When faced with the million-dollar question that he wasn't 100% certain about, Who Wants To Be A Millionaire contestant Ogi Ogas played it safe and walked away from potentially doubling his gains, only to find out seconds after his decision that he'd had the correct answer the whole time. If you haven't had the chance to bet on a stock like GME, his reaction is a pretty spot on representation of what it feels like to miss out on significant gains after taking a gamble. But hey, gains are gains, and walking away with $500k ain't so bad!
It appears that memes are taking over the economy. If you've been keeping up with the GameStop saga and the rise of DOGE, by now you're probably well aware that bitcoin reached its all-time high of $48k early this morning. While bitcoin has been powering through its ascent for over a decade now and is certainly no meme stock, we can't deny that this forceful crypto rally may at least be loosely connected to the recent Reddit short squeeze meme schemes. Elon Musk has not-so-subtly been hyping both dogecoin and bitcoin for months—mysteriously putting 'bitcoin' into his Twitter bio, retweeting ridiculous pro-dogecoin memes, claiming that dogecoin is 'the people's crypto'—even Snoop Dogg (aka Snoop Doge) got in on the hype. But it all came to a head when Tesla announced its purchase of $1.5 billion worth of bitcoin on Monday. It didn't take long for the price of bitcoin to skyrocket to the moon.
But how much further can bitcoin go? As more and more institutions adopt bitcoin as a legitimate form of currency, the plebs are wanting in, but many are wondering if they're too late. In retrospect, one could say there was never a bad time to buy bitcoin. Remember when one coin cost $9k a year ago? To be honest, I personally thought I was too late then. Now look at me. But obviously hindsight is clear as day, and the future of bitcoin is still foggy for those of us who need blockchain technology to be fully demystified before we can 'YOLO' our life-savings into cryptocurrency. If there's one thing we do know for sure, it's that the inherently viral nature of memes has shown to be a useful tool in pumping crypto. Just as r/WallStreetBets rallied to pump the GME short squeeze, subreddits like r/SatoshiStreetBets have been hyping altcoins like DOGE in order to raise the price floor. Some brush off dogecoin as a bubble or pyramid scheme that only functions as a pump and dump rather than a viable currency, but skeptics said the same thing about bitcoin in 2009, so who knows?
We can't say what the future holds for bitcoin, but we can offer what we know best—memes. We've got some amusing bitcoin memes and tweets both old and fresh for anyone who's either curious about crpyto for the first time or obsessive about checking those candlesticks every two minutes.
If you've caught wind of the fact that not only GameStop, but now Dogecoin has gone totally viral, you may be asking yourself: is this a joke? The answer is yes and no. Dogecoin may have started out as a funny experiment, but some made thousands of dollars last night as the meme crypto exploded after going viral. Elon Musk even tweeted about it, which usually does wonders to increase the interest in a stock or crypto currency. The last time Dogecoin saw sudden growth was in 2018, but the surge didn't even compare to what we saw yesterday. Even now, the price of Dogecoin is much higher than it has been in the last several years. Will Doge fly to the moon? Only time (and memes) will tell.
We've got 25 of the thousands of tweets about Dogecoin. The power of memes is undeniable.
