Dogecoin, Bitcoin Pump as GameStop Rally Cools

By Mat Di Salvo

The GameStop surge may have started to subside, but the price of Bitcoin is soaring today. The biggest cryptocurrency by market cap is now trading at its highest level in three weeks, at $65,872, according to CoinGecko. 

Over the past 24 hours, BTC has risen by 7%. Zooming out further, it is up over 4% in the past month.

Bitcoin's surge comes after a Wednesday report from the U.S. Bureau of Labor Statistics showed that while inflation was still hot in April, it had eased slightly.

Yesterday, over $100 million meanwhile flowed into Bitcoin exchange-traded funds (ETFs), according to Farside Investors data. Large inflows into the newly approved investment vehicles have helped push the coin's price up this year.

Bitcoin isn't the only coin up today: Dogecoin's price has jumped by 7% in the past day, now trading for $0.1556. The original meme coin and Elon Musk favorite has shot up on the heels of this week's meme stock rally.

Traders are enjoying all things meme-related after the Twitter account for Roaring Kitty returned to life on Sunday for the first time in nearly three years—although it's unclear if he's really back. Retail traders are clearly into it, with the Robinhood trading app seeing its biggest trading day in 12 months.

Roaring Kitty, whose real name is Keith Gill, is an investor and YouTuber who made headlines in 2021 for pronouncements that helped spark the first meme stock rally in shares like GameStop (GME) and AMC.

This week, those meme stocks made a comeback, both surging by over 200%—before dropping again today—as traders rushed to get back in on the action.

Meme stocks are shares of companies that were made popular on web forums like Reddit. They made big headlines in 2021 after amateur traders pumped them, making huge returns and causing chaos for Wall Street bigwigs and regulators alike.

Despite Bitcoin's surge this week. it still has a long way to go to catch up to the all-time high of nearly $74,000 set in March.

The coin is also trading below the record of $69,044 it set in 2021.

Edited by Ryan Ozawa.

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