GameStop Stock Rise Sparks Crypto Meme Coin Rise

Several dog-themed tokens are starting to rise as shares of video game retailer GameStop (NYSE: GME) rise more than 19% in pre-market trading, CoinDesk reports. Floki (FLOKI) and dogwifhat (WIF), two tokens on the Ethereum and Solana blockchains, gained up to 8% each after the Asian trading hours began. Dogecoin (DOGE) is up 2% in the past four hours, while Solana-based bonk (BONK) is up 5.5%. Meme coin movements tend to mirror those of stocks like GameStop and movie chain AMC Entertainment Holdings (NYSE: AME). Some investors view these moves as signs of mania, which can lead to irrational trading around certain stocks and meme coins.