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Which cryptocurrencies are most affected by the fluctuations in the GME stock chart?

avatarJohn Lee MogolDec 16, 2021 · 3 years ago1 answers

In light of the recent fluctuations in the GME stock chart, which cryptocurrencies have been most impacted by these changes? How do the price movements of GameStop's stock affect the values of different cryptocurrencies? Are there any specific digital currencies that tend to follow the same trends as GME? What factors contribute to the correlation between GameStop's stock and certain cryptocurrencies?

Which cryptocurrencies are most affected by the fluctuations in the GME stock chart?
Cryptocurrencies
GME Stock
Price Fluctuations

1 answers

  • avatarDec 16, 2021 · 3 years ago
    At BYDFi, we have observed that the most affected cryptocurrencies by the fluctuations in the GME stock chart are those that are heavily influenced by retail investors and social media trends. These include meme-based cryptocurrencies like Dogecoin, Shiba Inu Coin, and SafeMoon. The popularity of these cryptocurrencies among online communities has led to increased attention and trading volume, which in turn affects their prices. However, it's important to approach these investments with caution, as the correlation between GME and these cryptocurrencies may not always be stable or predictable. It's crucial to stay informed and consider a diverse range of factors when evaluating investment opportunities in the cryptocurrency market.

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