Memecoins and memestocks are having a wonderful August

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Before the selloff of this morning Dogecoin, the original memecoin, was having a great month. Although it is far off it’s All-Time-High reached last year of some 70 cents (about a week before Elon Musk presented Saturday Night Live), it does seem to have set a bottom as of late and is trying to reach 10 cents again.

In doing so, it follows memecoins like Shiba Inu and memestocks like Beth, Bath and Beyond and AMC (40% higher this month).

Memes in August

Although the biggest August story was the hype over Ethereum’s upcoming ‘Merge’, the positivity surrounding memestocks and memecoins is not far behind.

Shiba Inu recently capped off a week with an upwards trajectory of some 30%. Dogecoin is not far behind. According to analysts, some 58% of all dogecoin holders were in profit at a certain point this week when the most popular memecoin reached $0.084 earlier this week.

dogecoin is, at heart, just as shared database and network to add database entries in the form of virtual coins, with the doge meme as a mascot.

the rest is just about how people have decided to use it and value it. crypto is simple. people are complicated.

— Shibetoshi Nakamoto (@BillyM2k) August 16, 2022

Memestocks are doing even better. Thanks to a story on WallStreetBets again, Jake Freeman, a 20-year-old student from Southern California, acquired some 5 million shares in Bed Bath & Beyond in July, and sold them for five times more than their original worth in August.

I certainly did not expect such a vicious rally upwards, Freeman explained. I thought this was going to be a six-months-plus play … I was really shocked that it went up so fast.

Jake freeman sent this letter to bed bath and beyond board earlier this year after acquiring 6%+ of the company for $25m. He later sold the shares for over $130m, netting $110m. He’s 20yrs old and still in college 🤦‍♂️ pic.twitter.com/xfIqKuNkGz

— Hemant Mohapatra (@MohapatraHemant) August 18, 2022

You may think that memecoins and memestocks are a fad of the Covid-era, but it appears they are here to stay.