Roaring Kitty's Meme-Stock Mania Crashes While Bitcoin Dominates Wall Street

After surging 179% over two trading days, GameStop shares have pared back the week’s advances to just 16%. AMC, meanwhile, is up about 54% after gaining as much as 135%.

GameStop’s Stock Surge Is A Long Way From 2021 Meme-Stock Frenzy

Dustin Rudiger, a 31-year-old from San Jose, California, said he managed to get in and out before the plunge. He was on vacation in Japan when he noticed chatter on Reddit about Roaring Kitty and GameStop. He said he invested roughly $25,000 in the stock and then quickly sold, profiting about $10,000.

Rudiger posted about his gains on Reddit, but got a lot of blowback from others about the need to “hold on for dear life” (known online as “hodl”) or to have “diamond hands,” references from the 2021 meme-stock boom about staying put in risky assets for the long-run.

“Ninety-nine percent of them are not planning to do that. They’re planning to sell when it’s high, they just want everyone else to not sell,” Rudiger said. “They just want to make money, which we all do.”

Today, those “Reddit Raiders,” once flush with time and cash from pandemic-era stimulus and work policies, are largely back to work and bearing the burden of higher interest rates. Some got in late, and even with the latest surge are sitting on losses.

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