Hi, I’m Dr. Parik Patel, BA, CFA, ACCA, Esq. If you don’t know me already, I’m a Chartered FinMeme Analyst (CFA) with a particular expertise in #stonk valuation (pro-tip: just multiply by two). Anyways, I’ve been told that I have a particularly special insight into the world of finance and memes, so the team at Bullish asked me to create a regular round-up to help explain what the hell happened this week… and then offer my “diagnosis” of the virality.
This week was chock full of madness in the finance world and stock market, with treasury yields climbing, tech-stocks selling off, and GameStop once again making waves as its stock skyrocketed 105% on Wednesday (and is currently still climbing). To make things more absurd, the federal reserve’s system went down for several hours on Wednesday — much to the delight of crypto HODLers, who relish the opportunity to remind us that Bitcoin is always open. And to top it all off, after tweeting about Tesla’s share price drop, Peter Schiff received a rather confusing reply from Elon Musk himself.
Once again, big stuff is going down, but what does it MEME? Without further ado, let’s dive into Dr. Parik’s Meme Diagnosis of the Week…
Summary: The story to start the week concerns the recent tech sell-off (and rebound!) that we saw on Tuesday, with the Nasdaq Composite down 3.9% before recovering some of its losses to end the day down just 0.5%. The sell-off came as treasury yields began to rise and inflation expectations came to the fore, but many of these concerns were largely put to ease as Fed Chair Jerome Powell (or as I call him, Daddy JPow) signaled he had no immediate plans to change monetary policy.
Dr. Parik’s Diagnosis: The key thing to take away from all this is to just BTFD — or “buy the fucking dip.” As the great Warren Buffett once said, “If there were never any dips, how would you ever be able to buy the fucking dip?” Wise words to always remember.
Summary: If you ever think that you’re bad with computers, just take a look at the Federal Reserve. The Fed’s system, which allows financial institutions to send money back and forth electronically, went down for several hours due to an “operational issue” impacting its automated clearing house system. Bitcoiners rejoiced at the news, shouting from the rooftops that crypto is never down.
Dr. Parik’s Diagnosis: If there were ever a compelling bull case for Dogecoin, it must surely be this. Not only is $DOGE open 24/7, but it’s also an adorable dog-themed currency supported by meme-lord Elon Musk himself. What’s the bear case???
Summary: GameStop makes an appearance once again this week as the popular meme stock closed up 104% on Wednesday and shows little sign of stopping. The stock was repeatedly halted by the stock exchanges’ automatic stabilizers, and trading was stopped three times in the first 30 minutes of trading on Tuesday.
Dr. Parik’s Diagnosis: Those with diamond hands who listened to RoaringKitty were rewarded for their patience, and saw their trading portfolios soar to new heights. Will Robinhood let the people trade this time? Only time will tell. All I know is that the game hasn’t stopped yet.
Summary: Meme king Elon Musk is reportedly under investigation by the Securities and Exchange Commission for repeatedly tweeting jokes about Dogecoin. It’s argued that Elon’s tweets may have had an impact on the meme currency’s price action, which could be a problem as he tweeted that he bought some for his
robot son X Æ A-Xii.
Dr. Parik’s Diagnosis: If posting memes about securities is a crime, then I would surely have been arrested by now. This is just another sign that the SEC feels threatened by the power of the DOGE. It stands for “Suck Elon’s C___” for a reason, after all…
Summary: And speaking of places where the sun don’t shine, Elon Musk sparked controversy once again by replying to a critical tweet from gold-bug (and boomer incarnation) Peter Schiff with an eggplant emoji. Peter was… perplexed, to say the least. You can read the tweet thread for yourself above.
Dr. Parik’s Diagnosis: In a single emoji, Elon Musk ridiculed Peter Schiff to the point where he put the emoji in his Twitter name to save face (in hindsight, maybe this wasn’t well thought through). The power of the meme has never been more significant.
So there you have it! This was the week in memes. Now here’s what the doctor is prescribing:
- Always buy the dip
- If you want to fix something, just turn it off and on again
- If you want to win an argument on Twitter, just reply with the eggplant emoji