Reuters reports: Bots on major social media platforms have been hyping up GameStop Corp and other “meme” stocks, according to an analysis by Massachusetts-based cyber security company PiiQ Media, suggesting organized economic or foreign actors may have played a role in the Reddit-driven trading frenzy… it is unclear how influential they were in the overall saga… PiiQ said it identified very…
Tag: meme
Why an Animated Flying Cat With a Pop-Tart Body Sold for Almost $600,000
In the 10 years since Chris Torres created Nyan Cat, an animated flying cat with a Pop-Tart body leaving a rainbow trail, the meme has been viewed and shared across the web hundreds of millions of times. On Thursday, he put a one-of-a-kind version of it up for sale on Foundation, a website for buying and selling digital goods. In the…
Dogecoin Has a Top Dog Worth $2.1 Billion
The dogecoin market has a pack leader. From a report: Records show that a person, or entity, owns about 28% of all of the cryptocurrency in circulation — a stake worth about $2.1 billion at current prices [Editor’s note: the link may be paywalled; alternative source]. The holder’s identity isn’t known, which is common in the opaque world of digital currencies….
Government Agencies Begin Investigating Robinhood, Reddit Over GameStop Stock
An anonymous reader quotes a report from CNET: GameStop’s stock price shot through the roof in late January thanks to traders on Reddit. Now at least two government agencies are reportedly investigating why it happened as well as what roles Reddit and trading app Robinhood played in the stock market craziness. The Department of Justice’s fraud section and the San Francisco…
Wall Street Fund Wants To Hire r/WallStreetBets Users To Help Pick Meme Stocks
An anonymous reader quotes a report from Gizmodo: Cindicator Capital is the kind of investment fund that relies on software and algorithms to model investment strategies based on any number of disparate factors. In the wake of the WallStreetBets subreddit throwing hedge funds into chaos and driving stock prices to non-sensical extremes, Cindicator has posted a job listing on LinkedIn hoping…
To the Moon? Dogecoin Leaps 46% in 24 Hours After Tweets From Elon Musk, Snoop Dogg
Friday the 71-year-old former lead singer of the band Kiss tweeted “I bought Dogecoin…six figures,” to his 922,000 followers, along with other supportive tweets. Saturday rap artist Snoop Dogg tweeted an image of “Snoop Doge” to his 19.2 million followers. Later Elon Musk tweeted a picture from the Lion King with Musk’s head appearing on a monkey holding up a monkey…
How Reddit’s Co-Founder, Jim Cramer, and Wall Street Reacted to GameStop’s Surge
Friday afternoon CNBC reported that “heightened speculative trading by retail investors” (later referred to as “GameStop mania”) had “continued to unnerve the market.”
The Dow Jones Industrial average lost 620.74 points, or 2%, to 29,982.62, the first time the 30-stock gauge has closed below the 30,000 mark since Dec. 14…. The market also experienced the highest trading volume in years as the…
‘Meme Stock’ Rally Rescues AMC Theaters From $600 Million Debt
This week’s bizarre “meme stock” rally, which has delivered lottery-like windfalls for holders of GameStop stock, also wiped out $600 million in debt owed by the AMC theater chain. Polygon reports: That’s because, on Wednesday, a private equity firm named Silver Lake — and private equity firms are popularly considered the “bad guys” in this snobs-versus-slobs drama — elected to convert…
Robinhood Restricts Crypto Trading ‘Due To Extraordinary Market Conditions’
Robinhood restricted trading in cryptocurrencies on Friday, as the price of bitcoin and a meme-inspired token rose sharply. From a report: Users began reporting that the trading app had halted instant deposits for crypto purchases earlier in the day, meaning they could only buy the currencies with funds already deposited in their accounts. Such deposits can take up to five business…
Instagram Lead Says He’s Not Happy With Reels Yet, Might ‘Consolidate’ Video Formats
In an interview with The Verge’s Decoder podcast, the head of Instagram, Adam Mosseri, says he’s “not yet happy” with the platform’s TikTok competitor Reels. The Verge reports: “I’m not yet happy with it,” he says. “We’re growing both in terms of how much people are sharing and how much people are consuming, but we have a long way to go….