Highly profitable investors are profitable because of two things: one, they stay updated on the happenings in the market, and two, they go all in when they are convinced about a coin.
Yesterday was a good day for many GameStop investors, as the meme stock surged by over 80% during the trading hours before being halted. While this is a decent gain by all means, market analysts are saying this may be child’s play compared to what this new altcoin, Pikamoon, could deliver to its investors in 2024.
In this article, we will discuss GME stock's resurgence. Is it time to buy GameStop or consider Pikamoon, the token analysts are touting as 2024's top pick?
GameStop (GME) has once again become the talk of the town, experiencing a staggering 80%+ surge in just 24 hours. This quick price growth has left many wondering about the factors driving such remarkable price action.
Let's take a closer look at the factors driving GameStop's latest surge and assess whether this upward momentum can be sustained.
The Role of Social Media Influencers
One of the key drivers behind GameStop's recent surge is the influence of social media, particularly platforms like Reddit and X.
The resurgence of Keith Gill, also known as "Roaring Kitty," on X after a prolonged absence has reignited enthusiasm among retail investors. Gill's previous advocacy for GameStop played a significant role in the stock's historic rally in early 2021, and his return has once again stirred up excitement in the community.
GameStop's surge is also driven by what's called a short squeeze. Short sellers, who bet against GameStop's stock by borrowing and selling shares, are now losing money as the stock price rises. To limit their losses, they're buying back shares at higher prices, which pushes the stock even higher.
Individual investors, inspired by past meme stock successes, are eagerly joining the GameStop rally. Online trading platforms have made it easier for everyday people to invest in the stock market. With the help of social media buzz, more people are getting involved, leading to wild swings in GameStop's stock price.
A closer analysis of the chart reveals that GameStop's stock has experienced a gradual decline since 2021, plummeting by more than 80% from its all-time high that year. However, there are signs of a potential turnaround, as the stock appears to have found support around the $12.67 level. While this is encouraging, it's premature to determine if bullish momentum has fully returned.
Examining the technical indicators, the Relative Strength Index (RSI) currently stands at 54%, indicating a slight bullish sentiment for GME.
To sustain this momentum, GameStop must maintain its position above the 50% RSI threshold and the previously broken resistance level of $25.50. If these conditions are met, it could attract more buyers into the market, potentially leading to a rebound and further upward movement in GME's stock price.
However, investors should remain cautious and monitor the situation closely for any changes in market dynamics. While GameStop profitability looks uncertain, analysts have identified an altcoin with a better potential for profit, Pikamoon.
Pikamoon sets itself apart with a unique concept called hybrid memecoin. By combining the appeal of meme coins with the growing popularity of blockchain-based gaming, Pikamoon offers investors a one-of-a-kind opportunity to capitalize on both trends simultaneously.
Here is why crypto veterans are convinced Pikamoon has the potential to become the best investment in 2024:
Global Influencer Partnerships: Pikamoon has forged partnerships with 100 global influencers, amplifying their presence and credibility in the crypto space.
Explosive Community Growth: The Pikamoon community has experienced exponential growth, boasting 38,000+ Twitter followers and over 17,000 members on Telegram. This vibrant community serves as the backbone of Pikamoon's success.
Fully-doxxed Founders: Transparency is a rarity in Web3, however Pikamoon has it in abundance. Put simply, you can get to know the project’s three fully-doxxed founders via the alpha-laden Pikamoon Podcast, or for more relaxed viewing, the trio’s behind the scenes vlog channel, BullishTube.
4. Open World Gameplay Trailer & BETA: Again, unlike many other projects in Web3 space, Pikamoon is building real products. In turn, this has seen the roll-out of its Beta in under 6 months, as well as the release of a teaser trailer for its Open World gameplay.
5. Deflationary Tokenomics: Pikamoon employs deflationary tokenomics, meaning that the total supply of PIKA tokens decreases over time. This scarcity model enhances the intrinsic value of PIKA tokens and incentivizes long-term holdings among investors. As the token supply dwindles, demand for PIKA tokens is expected to increase, driving up their value and rewarding early adopters.
6.Tier-1 Exchange Listings: Pikamoon is listed on top exchanges like Uniswap, MEXC, and BitGet. Listing on multiple exchanges represents a strategic move that amplifies Pikamoon's presence, accessibility, and credibility in the cryptocurrency market.
7.Comparative Market Cap Analysis: When comparing Pikamoon's market cap to that of competitors such as Axie Infinity (AXS), Illuvium (ILV), and Sandbox (SAND) during the last bull market, Pikamoon's potential for exponential growth becomes evident. As the crypto market continues to evolve, Pikamoon's competitive positioning and growth trajectory remain compelling factors for investors to consider.
If you’re genuinely interested in making money in 2024, then Pikamoon has everything you can hope for. Even better, Pikamoon's current price offers crypto enthusiasts the best potential to become crypto millionaires in 2024 with little capital to invest.
With crypto analysts touting PIKA as the best pick in 2024 and crypto whales loading up their bags, a 1000% price surge could be on the horizon.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.