Meme shares and pupcoins are the peanut butter and jelly of investing — they go collectively so nicely. There’s little question that these two asset courses are colliding this 12 months. Now, traders are seeing the belongings mixed in a manner not seen earlier than. GameStop (NYSE:GME), the monarch of meme shares, is teaming up with a few pupcoins on cost choices. GameStop inventory, in fact, is primed for beneficial properties from the information.
Supply: Shutterstock
The online game retailer is the genesis of a complete wave of retail inventory buying and selling, and virtually no one noticed it coming. That’s, no one apart from the devoted member of Reddit’s r/WallStreetBets; these traders led a flock of patrons to GME by way of the 12 months and pumped the inventory’s worth from $17 to a excessive of over $480.
The success of the inventory stays controversial; many institutional traders are downright sure that GME’s elementary worth is much decrease than the place it trades at the moment. Retail merchants aren’t backing down.
On the identical time, GameStop is working very exhausting to mount a compelling turnaround and each fulfill skeptics and pull by way of for its supportive believers. Starting with Chewy (NYSE:CHWY) co-founder Ryan Cohen, the corporate is adding new members to its board and exec crew left and right. Additionally it is apparently making efforts to turn into a play on burgeoning applied sciences like non-fungible tokens (NFTs) and Web 3.0.
GameStop Inventory: GME Provides Assist for Shiba Inu Crypto and Dogecoin By way of Flexa Partnership
The corporate is continuous to bolster its choices in the present day with some thrilling information for crypto merchants. That’s as a result of GameStop shall be including assist for a bunch of crypto funds, together with Shiba Inu (CCC:SHIB-USD) and Dogecoin (CCC:DOGE-USD). Traders are lauding the announcement as an enormous win for GameStop inventory.
Dogecoin and Shiba Inu are two of probably the most wildly common cryptos of the 12 months; this comes after each currencies noticed large value jumps. Now, customers of the Flexa crypto funds app may have the chance to make use of these currencies to pay for items at GameStop areas.
Enter. the. metaverse.@GameStop is now reside on Flexa. 🎮
To rejoice, we’ve additionally enabled assist for @AxieInfinity $AXS, $SLP, @decentraland $MANA, and @TheSandboxGame $SAND. #25DaysofFlexa🎁 pic.twitter.com/Or8BtkT9Sa
— Flexa (@FlexaHQ) December 16, 2021
The official Flexa Twitter account made the announcement early last week that GameStop shall be one of many latest companions for its app. Certainly, utilizing Flexa, customers can seamlessly transact at any of its companions’ areas utilizing crypto. Alongside DOGE and SHIB, customers will pay with cryptos like Bitcoin (CCC:BTC-USD) and Litecoin (CCC:LTC-USD).
This information is an enormous win for GameStop; certainly, many traders need locations to spend their crypto holdings. And, simply as many traders need alternatives to present GameStop their enterprise. As such, this information is essentially bullish for each crypto buffs and GME holders.
As we get into the afternoon, GME is down about 1%; the inventory can also be buying and selling under common quantity for the day.
On the date of publication, Brenden Rearick didn’t have (both immediately or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.
