- NYSE:GME soared by 16.34% as meme stocks outgained the broader markets.
- Chairman Ryan Cohen sent out an interesting tweet that got the ball rolling.
- GameStop was joined by AMC and other meme stocks as the hunt for the MOASS continues.
NYSE:GME is fast approaching price levels where the supposed gamma squeeze will take place, and Wall Street is abuzz once again. Tuesday saw GameStop shares hit orbit, gaining 16.34% and closing the trading session at $209.43. The stock continued to climb in after hours trading and now sits at over $214 at the time of this writing. GameStop saw its daily trading volume surge on Tuesday, as retail FOMO and liquidated cryptocurrency equity migrated from exchanges and back into meme stocks.
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One of the main catalysts was a cryptic tweet from new Chairman and ex-Chewy (NYSE:CHWY) CEO Ryan Cohen. The tweet showed a NSFW cartoon video that was interpreted by some to represent the sharp rise of GameStop’s stock price on Tuesday. Many Redditors are claiming that once the $200 price barrier is broken, that there will be little to stop the stock from climbing back up to $300. To add more fuel to the fire, GameStop also revealed a mysterious new NFT site that is hiring developers for an exciting new project.
GameStop was joined by its other meme stocks during Tuesday’s rally as AMC (NYSE:AMC), Koss (NASDAQ:KOSS), and Naked Brand Group (NASDAQ:NAKD) all rose as sympathy plays. The current discussion on Reddit is that the upcoming gamma squeeze is going to be the MOASS or Mother of All Short Squeezes, and that short sellers stand to lose several billion more dollars after all is said and done.
