WallStreetBets favorites and meme-themed cryptocurrencies continued to see high interest from retail investors in the month of May, including GameStop Corporation (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), Dogecoin (DOGE), and SHIBA INU (SHIB). Here’s how investments in these assets fared in the month.
What Happened: In terms of monthly gains, SHIB saw the highest spike of 433.27% in May. The meme cryptocurrency traded 16.28% higher at $0.000009104 at press time in a 24-hour period.
See Also: How to Buy Shiba Inu (SHIB)
SHIB traded 10.07% higher against Bitcoin (BTC) and 3.86% higher against Ethereum (ETH) in a 24-hour period. BTC traded 5.54% higher at $36,770.49 at press time and ETH traded 11.82% higher at $2,654.12.
AMC shares returned 160.42% in May, making them the second most profitable investment in the month. The theater chain’s shares closed 2.17% lower at $26.12 in Friday’s regular session.
WallStreetBets favorite GameStop saw the market price of its shares appreciate 27.89% last month. On Friday, GameStop shares closed 12.71% lower at $222.
Blackberry Ltd (NYSE: BB), another so-called “stonk,” ran up 14.04% in May. The shares closed 0.9% higher at $10.07 in Friday’s regular session.
Not all retail favorites ended last month in the green. The sharpest loss was seen in the Shiba Inu-themed cryptocurrency, Dogecoin (DOGE), which fell 12.26% in May. At press time, over a 24-hour period DOGE traded 10.05% higher at $0.33.
Elon Musk-led Tesla Inc’s (NASDAQ: TSLA) shares slipped 11.87% in May. In the regular session on Friday, Tesla closed 0.89% lower at $625.22.
Palantir Technologies Inc (NYSE: PLTR), a company much discussed by retail investors on WallStreetBets, saw shares fall 0.39% in May. On Friday, Palantir shares ended the regular session 1.1% higher at $22.95.
Why It Matters: On WallStreetBets, the most mentioned ticker was that of AMC, followed by GameStop and Palantir in May, as per Quiver Quantitative.
Adam Aron, CEO of AMC said last month that he planned to engage the company’s retail-investor backers in an effort to get a “first hand sense” of what the community is thinking and saying.
In May, the retail frenzy was well and alive as major brokers continued to witness increases in app downloads, as per JMP Securities data as cited by CNBC.
On the cryptocurrency side, Dogecoin creator Billy Markus says that 99.9% of the cryptocurrency market is driven by “Greater Fool Theory.”
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