The year isn't halfway over yet, but 2021 will go down as the year of the meme stock.
Previously ignored consumer stocks like GameStop (NYSE: GME) and AMC Entertainment Holdings (NYSE: AMC) have skyrocketed this year. Hordes of traders on social media platforms like Reddit are using techniques like short squeezes , viral memes, and hashtags to pump up the stocks and attract new investors. AMC shares are up 2,500% year to date, while GameStop stock has surged 4,000% over the last year.
cryptocurrency Dogecoin (CRYPTO: DOGE) has also joined the meme party, racking up gains of as much as 12,000% this year, giving investors returns of more than 100 times for a brief period.
For further details see:
3 Reasons to Avoid Meme Stocks