You and Meme Against the World — June 4

Chart of the Day

Wall of Resistance. On-chain metrics reveal that there are three major ranges of aggregate volume, including the upper $30k region where the price of Bitcoin is currently bound. Resistance on both sides of the range suggests the possibility of a strong move once BTC grabs a $40k-handle. On the flip side, the no man’s land between $20k-30k could turn into a major capitulation zone if the market falls through the $30k support. 

Talk of the Town

Déjà Vu. Remember the Gamestop saga? Well, AMC is the new GME — and then some. The cinema operator has outpaced its fellow meme stock by far after a reality-defying rally on Wednesday pushed its market value north of $30 billion — making it worth more than half of the companies in the S&P 500 index. This meme-inspired mania, where small investors egg each other on via social media platforms, first became a cultural phenomenon in the crypto space when Dogecoin rose to prominence. The rest is history. The joke crypto popped more than 30% in anticipation of its listing on major exchanges *wink*, before falling short below $0.40. However, its year-to-date return remains a staggering 6,800%.