Which meme stocks have the highest correlation with cryptocurrencies?

3 answers

• Dec 16, 2021 · 3 years ago
  Sure! When it comes to meme stocks that have a high correlation with cryptocurrencies, one notable example is GameStop (GME). During the GameStop short squeeze frenzy earlier this year, the stock price of GME and certain cryptocurrencies, like Bitcoin and Dogecoin, seemed to move in tandem. This correlation was largely driven by the retail investor interest and the social media hype surrounding both GameStop and cryptocurrencies. So, if you're looking for a meme stock that often moves in sync with cryptocurrencies, keep an eye on GameStop.
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• Dec 16, 2021 · 3 years ago
  Well, it's worth noting that meme stocks and cryptocurrencies are both highly volatile assets, and their correlation can vary over time. While GameStop has shown a strong correlation with cryptocurrencies in the past, it doesn't necessarily mean it will continue to do so in the future. Other meme stocks that have shown some correlation with cryptocurrencies include AMC Entertainment (AMC) and BlackBerry (BB). However, it's important to conduct thorough research and analysis before making any investment decisions based on correlation alone.
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• Dec 16, 2021 · 3 years ago
  As an expert at BYDFi, I can tell you that meme stocks like GameStop, AMC Entertainment, and BlackBerry have indeed exhibited some correlation with cryptocurrencies. However, it's important to remember that correlation doesn't imply causation. The correlation between meme stocks and cryptocurrencies can be influenced by various factors, including market sentiment, social media trends, and overall market conditions. It's always a good idea to diversify your investments and not solely rely on correlation when making trading decisions.
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