Meme Stock Traders Set Their Sights on Coinbase

The recent GameStop price crash has left meme stock traders searching for their next target. And it seems they’ve found it in crypto exchange Coinbase. The price of GameStop shares almost doubled in a matter of days last week, rekindling some of the excitement seen during the meme stock craze of 2021 that also saw the bitcoin price and other cryptocurrencies whipped up to astronomical heights.

GameStop stock price surges

Now, meme stock traders are turning to Coinbase, rallying on the messaging app Telegram. The Covid-era Telegram group WallStretBets, which boasts an active userbase of 41,000 traders, is spamming “Coinbase to the moon” in an attempt to boost the share price of the crypto exchange.

Coinbase logo

“Who will buy Coinbase with me next week,” one user of the WallStretBets Telegram group asked. Coinbase has already seen its share price soar this year thanks to the rising price of bitcoin and the debut of a fleet of spot bitcoin exchange-traded funds (ETFs) on Wall Street, most of which Coinbase is acting as custodian for.

Bitcoin price surges

The bitcoin price has surged this year, helping the price of Coinbase stock and the wider crypto market recover from its 2022 price crash. Last week, Wall Street giant Bank of America upgraded Coinbase to neutral from underperform, raising its price target on the company’s stock to $217 from $110. Coinbase stock is up 300% from its early 2023 low of $33.

Coinbase stock price surges

The sudden interest in Coinbase has sparked a frenzy among meme stock traders, who are eager to capitalize on the crypto exchange’s growing popularity. As the crypto market continues to recover from its 2022 slump, it will be interesting to see how Coinbase fares in the coming months.

Crypto market recovery