GameStop (GME) Can't Stop Won't Stop

GameStop GME shares have ripped over 30% higher in the past two trading sessions. GME has soared back towards the $250 range following news that the enterprise is building out a non-fungible token (NFT) platform on Ethereum’s blockchain.

There have been rumors that GameStop would be dipping its toes into cryptocurrencies & NFTs. GameStop’s new NFT webpage confirmed speculation about their ventures into digital assets, which has retail traders on WSB going gangbusters.

This announcement didn’t just spur a rally in GME shares but has AMC AMC soaring as well. WSB traders have turned AMC and GME into gambling tools. You can see this gambling mentality with the outsized price action in AMC on news that had nothing to with the company.

Ryan Cohen, co-founder of the e-commerce giant Chewy turned activist investor, has been the knight in shining armor that GameStop needed. Still, GameStop is worth nowhere near to its present $16.8B valuation in its current state.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.