Quick Take:

• GameStop’s pre-market rally of 19% ignites movement in dog-themed tokens.
• Floki and dogwifhat climb as much as 8% during Asian trading hours.
• Dogecoin sees a 2% increase, while Solana-based bonk rises by 5.5%.

GameStop’s bullish pre-market performance has triggered a surge in various dog-themed tokens, including Floki and dogwifhat, which have both seen significant gains since the start of Asian trading hours, climbing by up to 8%. Concurrently, Dogecoin has observed a 2% rise, while Solana-based token bonk has experienced a 5.5% increase.

The correlation between GameStop’s stock movements and the performance of meme coins has been a noticeable trend in recent times. As GameStop rallies, these tokens, often associated with the enthusiasm of retail traders, tend to follow suit. This phenomenon reflects a perceived sense of euphoria among investors, potentially leading to speculative trading activities surrounding both stocks and meme coins.

Notably, the recent uptick in dog-themed tokens mirrors previous instances, such as the second week of May, when tokens like DOGE and FLOKI surged by as much as 30%. This surge was attributed to a viral post by retail trader Keith Gill, whose influential presence on social media has been linked to significant movements in GameStop’s stock price. Gill’s past success, turning a $58,000 investment into an estimated $50 million by trading GameStop options, underscores the impact of individual retail investors on market dynamics.

The resurgence of interest in meme coins alongside GameStop’s upward trajectory suggests a continued convergence between traditional equities and the cryptocurrency market, driven by the collective sentiment of retail investors and influencers.

In an earlier interview, Mog token developer Shisui told CoinDesk that much of the “Gamestop mania had spilled over to $DOGE and other meme coins” in 2021—an indication of a repeat on the cards if GME continues to gain favor among retail traders.

Tokens such as DOGE and FLOKI had earlier jumped as much as 30% in the second week of May after a viral post by retail trader Keith Gill. Gill’s cult following contributed to the infamous GameStop short squeeze of 2021.

Gill, who turned $58,000 into an estimated $50 million between 2019 and 2021 by buying GameStop (GME) options, sparked a run in the stock after posting from his @TheRoaringKitty X account for the first time in three years.