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Benzinga

Business

Mark Putrino

BZ Chart Of The Day: Memes Meltdown

MEME NYSE

The meme meltdown continues. The Listed Funds Trust - Roundhill MEME ETF (NYSE:MEME) has plunged by more than 40% since its debut on Dec. 8, 2021.

Meme stocks are popular in the Reddit day trading community. MEME is an ETF that holds a portfolio of them., including Roblox Corporation (NYSE:RBLX), Snap Inc. (NYSE:SNAP), and QUALCOMM Incorporated (NASDAQ:QCOM).

This makes MEME a good benchmark for this part of the stock market.

A year ago, it seemed like the only way these stocks could move was higher. But reality has set in, and many of them have dropped by 80% or more. It looks like the downtrend will continue.

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