Aussie Stock with GameStop Ticker Spiked 50% Overnight, Thanks to Redditors

In light of the sudden boom in the market valuation of US GameStop’s shares, an Australian company says its stocks listed on the local stock exchange with a similar ticker as GameStop also gained massive inflows. While the company seems baffled by the development, it was said that the investors mistakenly bought the Aussie stocks, thinking it was the actual stocks from GameStop. 

“There are people buying the stock for shits and giggles, just because of the ticker symbol,” a market analyst of Melbourne-based brokerage IG Markets, Kyle Rodda, told Reuters. 

Meanwhile, following the trend of the whole GameStop story, Bitcoin experts believe that some of these funds will likely end up in the crypto market.

Australian GME Stock Benefits From Redditors Hype

The United States company, GameStop, is a video game and electronics retail giant, which trades on the US stock exchange as GME. It also happened that an Australian small nickel and cobalt exploration company, GME Resources, is also listed on the Australian Stock Exchange (ASX) with a similar ticker. So, when the young traders on Reddit collectively hyped the US stock, the Aussie stock seemingly tapped inflows, as some people may have mistaken it to GameStop’s.

According to reports, GME Resources shares surged by 50 percent on Thursday to 12 cents. The price increase is the highest level the stock has traded for the past three years. James Sullivan, the managing director at GME Resources, said the development was quite strange and led him to ask some questions. 

“When I opened my share tracking app and saw it was at 9.4 cents, I was stunned,” he said. “It just went bang, and I thought, ‘Well, what’s going on here?’ Is there something about my own company that I don’t know?”

Bitcoiners Expects Funds to Flow into Bitcoin

At the time of writing, the price of the Australian GME stock has decreased to AUD$0.085, according to Google Finance. However, it’s still up by 13 percent in a 24 hours count. Also, investors are facing some issues with buying the US GME stock as many brokers like Robinhood, TD Ameritrade, has halted their trading. Following this trend, many crypto users are pitching the importance of decentralized and censorship-resistance trading platforms. 

In accordance with that, crypto industry experts like Max Keiser, and Barry Silbert, the CEO of Digital Currency Group, believes that some of these funds will flow into the cryptocurrency market.