Meme stocks surged on Wall Street without causing any waves, and individual investors rushed towards the new paradise.
The skyrocketing of meme stocks used to be a symbol of rebellion against Wall Street elites, but now it has become a common occurrence. This was proven this week, as Opendoor surged 43% in one day, Krispy Kreme rose 39% in a few hours, and GoPro briefly soared 73%. The "rocket" emoji and bullish options bets are everywhere on Reddit forums. However, what is truly important is not the extent of the surge, but people's indifference to it. Traditional warnings about excessive speculation are being ignored. What used to be a shocking phenomenon now feels mundane - it is just another example of retail speculation exploding in the American financial system, becoming common and not worth paying attention to. As the week came to a close, the market edged slightly higher after reaching new highs. Meanwhile, cryptocurrencies continue to steadily enter the mainstream, with a new project involving companies like New York Mellon Bank and Goldman Sachs announced, and cryptocurrency funds seeing record inflows over the past four weeks. Michael Saylor's strategy for further purchasing Bitcoin raised $2.8 billion from the capital market. Overall, what happened this week illustrates a universal truth: retail-driven speculative behavior is no longer a generational anxiety or a distorted manifestation of the post-pandemic era. Instead, it has become an inherent feature of the current cycle. Short-term options are part of the retail investor's toolkit, trading platforms span across various fields such as sports betting and complex stock bets, and the frenzy in the market can almost stand on its own without any reason.
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