Here’s Why The GameStop Rally Was So Hard to Resist

1 min read

By now, GameStop (NYSE: GME) fever has come and gone. 

The remarkable story of a band of traders on Reddit pouring into the video game retailer’s stock to execute an epic short squeeze that lifted the stock price more than 2,000% in just a few days is well known. The event captivated the country as search traffic for terms like GameStop and WallStreetBets skyrocketed, and even interest in Wall Street movies like The Big Short shot up more than 500%, according to streaming aggregator Reelgood.

New accounts surged on Robinhood and other trading platforms. In one day alone, the Robinhood app was downloaded more than 600,000 times, and trading demand was so high that orders for GameStop and other WallStreetBets-related stocks had to be suspended because trading platforms couldn’t process the volume. Daily trading volume of GameStop exceeded the float by as much as four times.

Continue reading

Leave a Reply

Your email address will not be published.

Previous Story

Boeing and Airbus Hit With $3 Billion Blow

Next Story

Here’s the 1 Thing That Made Me Reconsider Buying Airbnb Stock

Latest from Blog