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3 Reasons to Avoid Meme Stocks

TheMotleyFool

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The year isn't halfway over yet, but 2021 will go down as the year of the meme stock.

Previously ignored consumer stocks like GameStop (NYSE: GME) and AMC Entertainment Holdings (NYSE: AMC) have skyrocketed this year. Hordes of traders on social media platforms like Reddit are using techniques like short squeezes, viral memes, and hashtags to pump up the stocks and attract new investors. AMC shares are up 2,500% year to date, while GameStop stock has surged 4,000% over the last year.

Cryptocurrency Dogecoin (CRYPTO: DOGE) has also joined the meme party, racking up gains of as much as 12,000% this year, giving investors returns of more than 100 times for a brief period.

Source Fool.com

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