Altcoins
GameStop (GME) Rises 80% in 24 Hours, But This Altcoin Could Take You Even Higher
Highly profitable investors are profitable because of two things: first, they stay updated on market happenings and, second, they go all in when they are convinced of a coin.
Yesterday was a good day for many GameStop investors, as meme shares rose more than 80% during trading hours before being halted. While this is a decent gain either way, market analysts argue that it may be child’s play compared to what this new altcoin, Pikamoon, could offer its investors in 2024.
In this article we will discuss the resurgence of GME stock. Time to buy GameStop or consider Picamoontoken analysts tout as top pick for 2024?
GameStop (GME) Rebirth: Can This Hype Translate to Sustainable Growth?
GameStop (GME) has once again become the most talked about topic, recording an incredible 80% increase in just 24 hours. This rapid price growth has left many wondering what factors are driving such notable price action.
Let’s take a closer look at the factors driving GameStop’s latest surge and evaluate whether this upward momentum can be sustained.
The role of influencers on social media
One of the key factors behind GameStop’s recent surge is the influence of social media, particularly platforms like Reddit and X.
The resurgence of Keith Gill, also known as “Roaring Kitty”, on X after an extended absence has reignited enthusiasm among retail investors. Gill’s previous support for GameStop played a significant role in the stock’s historic rally in early 2021, and his return has once again sparked excitement in the community.
1. Short compression dynamics
GameStop’s surge is also driven by what’s called a short squeeze. Short sellers, who bet against GameStop shares by borrowing and selling shares, are now losing money as the stock price rises. To limit their losses, they are buying back shares at higher prices, which pushes the stock even higher.
2. Retail investor enthusiasm
Individual investors, inspired by the past successes of meme stocks, are eagerly joining the GameStop rally. Online trading platforms have made it easier for ordinary people to invest in the stock market. With the help of social media buzz, more and more people are getting involved, leading to wild swings in GameStop’s stock price.
GameStop (GME): Is it time to buy or stay on the sidelines?
A closer look at the chart reveals that GameStop shares have seen a gradual decline since 2021, falling more than 80% from that year’s all-time high. However, there are signs of a potential trend reversal, as the stock appears to have found support around the $12.67 level. While this is encouraging, it is premature to determine whether the bullish momentum has fully returned.
Looking at technical indicators, the Relative Strength Index (RSI) currently stands at 54%, indicating slightly bullish sentiment for GME.
To sustain this momentum, GameStop needs to maintain its position above the 50% RSI mark and the previously crossed $25.50 resistance level. If these conditions are met, this could attract more buyers to the market, potentially leading to a rebound and further upward movement in the GME stock price.
However, investors should remain cautious and monitor the situation closely for any changes in market dynamics. While GameStop’s profitability appears uncertain, analysts have identified an altcoin with better profit potential, Pikamoon.
Picamoon stands out with a unique concept called hybrid memecoin. Combining the appeal of meme coins with the growing popularity of blockchain-based gaming, Pikamoon offers investors a one-of-a-kind opportunity to capitalize on both trends simultaneously.
Here’s why cryptocurrency veterans are convinced that Pikamoon has the potential to become the best investment in 2024:
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Global partnerships with influencers: Pikamoon has partnered with 100 global influencers, amplifying their presence and credibility in the crypto space.
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Explosive Community Growth: The Pikamoon community has seen exponential growth, boasting over 38,000 followers on Twitter and over 17,000 members on Telegram. This vibrant community forms the backbone of Pikamoon’s success.
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Fully Doxxed Founders: Transparency is a rarity in Web3, however Pikamoon has it in abundance. Simply put, you can get to know the project’s three completely doxxed founders via the alpha-laden Pikamoon podcast or, for a more relaxed view, the trio’s behind-the-scenes vlog channel, BullishTube.
4. Open World Gameplay Trailer and BETA: Again, unlike many other projects in the Web3 space, Pikamoon is building real products. In turn, this saw the launch of its Beta in less than 6 months, as well as the release of a teaser trailer for its Open World gameplay.
5. Deflationary Tokenomics: Pikamoon uses deflationary tokenomics, meaning that the total supply of PIKA tokens decreases over time. This scarcity model increases the intrinsic value of PIKA tokens and incentivizes long-term holdings among investors. As the supply of tokens decreases, demand for PIKA tokens is expected to increase, increasing their value and rewarding early adopters.
6.Tier 1 Exchange Lists: Pikamoon is listed in the best exchanges like Uniswap, MEXC and BitGet. Listing on multiple exchanges represents a strategic move that amplifies Pikamoon’s presence, accessibility and credibility in the cryptocurrency market.
7.Comparative market capitalization analysis: Comparing Pikamoon’s market cap to that of peers like Axie Infinity (AXS), Illuvium (ILV), and Sandbox (SAND) during the latest bull market, Pikamoon’s exponential growth potential becomes clear. As the cryptocurrency market continues to evolve, Pikamoon’s competitive positioning and growth trajectory remain compelling factors for investors to consider.
High potential to reach 1000% in 2024
If you are sincerely interested in making money in 2024, Pikamoon has everything you can hope for. Even better, Pikamoon’s current price offers cryptocurrency enthusiasts the best potential to become a millionaire in 2024 with little capital to invest.
With crypto analysts touting PIKA as the top pick in 2024 and crypto whales packing their bags, a 1000% price increase could be on the horizon.