The popularity of meme stocks shot up last year, with heightened social media influence on speculative trading. Video game retailer GameStop Corporation (GME) is a case in point. It experienced an unprecedented surge in value, despite its bleak underlying fundamentals.
As a group, the value of popular meme stocks peaked on Feb. 9, 2021. However, they have since experienced a sharp decline, down $191 billion from their peak. And Craig Birk, Chief Investment Officer at financial company Personal Capital, believes now that the ‘speculative frenzy’ of meme stocks has faded away.
