GameStop stock price witnesses an 860% rally

Reddit stimulates an 860% rally in stock prices of GameStop
  • GameStop is receiving a lot of recognition because its stock price just surged by 860%
  • The recent intrigue in GameStop is likely associated with the Reddit army phenomenon
  • The LINK Marines joined hands to extend positive news regarding altcoin with their choice to keep purchasing altcoin

The GameStop is an omnichannel retailer that functions digitally. The stock prices of the Fortune 500 company recently witnessed a rally of 860%. The respective episode affirms the idea that the ability of social investing groups to stimulate stability of whipsaw assets is not merely confined to cryptocurrencies. 

The surge in the stock price of GameStop

GameStop is receiving a lot of recognition from the mainstream news portals. The major reason behind it is that the stock price of the renowned video game retailer surged by 860%. The previous value was $17.40 on January 4 and it achieved a record high of $159.18 on January 25. 

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GME retreated in its value by 51.70% from the record high value. On January 25, the day closed at $76.79. However, the reasons behind the massive rally demand closer examination. 

The solid fundamentals often result in price explosions in both stocks and cryptocurrencies. The recent intrigue in GameStop is likely associated with the Reddit army phenomenon. It has observed internet groups go blunt with various big giants on Wall Street.

Chainlink (LINK) investors and its price breakouts

The most popular episode of this respective trend in the crypto-asset market happened with a group of devoted Chainlink (LINK) investors. Affectionately known as the LINK Marines, these investors joined hands to extend positive news regarding altcoin. Further, they also decided to keep purchasing altcoin. This decision was made when bigger investors formulated a scheme to short LINK.

The LINK Marines gave a befitting response to Zeus Capital’s plan to short the altcoin. Before this, Zeus Capital, in its very controversial statement, called Chainlink a crypto’s Wirecard and created a short position. In response, LINK Marines joined work and refused to sell altcoin. As a result, this decision pushed the price of an altcoin to a record high by stimulating consecutive short squeezes.

The members of LINK Marines tracked down a clue that proved the alleged connection between Zeus Capital and Nexo Finance. The short call fallout, thus, ultimately shifted to Nexo Finance.

Tyler Winklevoss, an exchange co-founder, acknowledged the value that the entity of LINK Marines brings to the cryptocurrency market. He tweeted that he genuinely respects the passion of LINK Marines. He proclaimed that the devotion and commitment of LINK Marines are similar to the previously active BTC and ETH communities.

As 2021 proceeds, it will be interesting to observe how traditional financial markets develop according to the advancing impact of united retail investors.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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