Top meme stocks for traders to watch in Singapore
Meme stocks became a phenomenon in 2021 with GameStop going ‘to the moon’. Today, they still hold opportunities to predict on a particular stock’s price movements. Learn about meme stocks and discover the top ones to watch.
What are meme stocks?
Meme stocks are the shares of publicly listed companies that experience a sudden and quick upward market movement, largely due to discussions, memes and videos on social media platforms like Reddit. These online communities hold detailed discussions speculating on how a stock might perform.
The analysis conducted on these social platforms is frequently from the point of view of inexperienced retail traders, and so is often misguided or flawed. However, because of the high volume of people involved, participants can significantly influence the price of a stock.
Top meme stocks to watch in Singapore
We checked Yolo Stocks for an up-to-date list of the most popular meme stocks as of 16 October 2024. This website accurately tracks mentions of potential meme stocks on the subreddit r/WallStreetBets, the origin of the first meme stock in 2021, when GameStop experienced a short squeeze.
1. Trump Media & Technology Group (DJT)1
Trump Media & Technology Group Corp. was founded in 2021 by Donald Trump and is based in Sarasota, Florida, USA. It’s mostly known for its social media platform, Truth Social, which provides social networking services within the US.2
Its shares jumped 15% on 14 October 2024, adding more than $500 million to Trump’s net worth.
Trump Media & Technology Group is widely regarded as a meme stock, because its price responds to non-earnings events, like Trump’s likelihood of winning the election in November.
Some analysts believe that, should Trump regain the White House, Trump Media & Technology Group’s shares will skyrocket, whereas if he loses, they’ll quickly lose value.3
2. NVIDIA1
NVIDIA Corporation was incorporated in 1993 and is headquartered in Santa Clara, California. It provides graphics and compute and networking solutions in the US, Taiwan, China, Hong Kong and more internationally. Under its graphics banner, it develops graphics processing units (GPUs) for gaming, PCs and enterprise workstation graphics. Under the compute and networking umbrella, it provides data centre computing and end-to-end networking platforms.
NVIDIA’s products are used in gaming, visualisation, data centres and automotive markets.4
The semiconductor manufacturer has seen significant volatility in its share price over the past few months. Its stocks made history by having the largest single-day market cap increase in history – adding a whopping $330 billion to its market capitalisation. However, the very next day, its market cap plunged by around $270 billion.5 With volatility like this, it’s worth keeping an eye on.
3. ASML Holding (ASML)1
ASML Holding NV was founded in 1984 and its headquarters are in Veldhoven, the Netherlands. It’s in the advanced semiconductor equipment systems business – developing, producing, marketing, selling and providing various services, such as lithography, metrology and inspection systems. It operates in Japan, South Korea, Singapore, Taiwan, China, the rest of Asia, the Netherlands, the rest of Europe, the Middle East, Africa and the US.6
Semiconductor stock fell in mid-October, largely due to ASML cutting its annual sales forecast because of weak non-AI chip demand. For the company, this led to its biggest single-loss day in 25 years.7
4. Bright Minds Biosciences (DRUG)1
Bright Minds Biosciences Inc was founded in 2017 and is headquartered in New York, New York. It develops therapeutics for people with severe diseases in the US, treating epilepsy, pain and neuropsychiatry, such as depression and anxiety. It also collaborates with the University of Texas Medical Branch to treat impulse control disorders, like binge eating.
In mid-October, its share price skyrocketed by 1445.78% to $36, up from $2.49.8 Coupled with dozens of comments on r/WallStreetBets around this time has made Bright Minds Biosciences a soaring meme stock.
5. Tesla (TSLA)1
Tesla was founded in 2003 and its headquarters are in Austin, Texas. It’s the original household name in electric vehicle (EV) manufacturing. It designs, develops, makes, leases and sells EVs, along with energy generation and storage systems internationally, focusing on solar energy. It was formerly known as Tesla Motors Inc but changed its name to Tesla Inc in 2017.9
Bond investor Bill Gross stated in July that he believes Tesla is behaving like a meme stock, with its soaring share price at the time not justified by its deliverables. Since then, the stock price has seen plenty of volatility, dropping in August, rising again in September to $261.63, and then falling again to the current price of $219.57. These price movements present an opportunity for traders to predict on price action. However, be aware that while profits are magnified in CFD trading, losses are amplified, too.
How to trade meme stocks with us
- Create an account or log in
- Find a meme stock opportunity track
- Click ‘buy’ to go long or ‘sell’ to short on CFDs
- Set your position size
- Take steps to manage your risk
- Open and monitor your position
1Yolo Stocks, 2024
2Investing.com, 2024
3Forbes, 2024
4Investing.com, 2024
5Finbold, 2024
6Investing.com, 2024
7Reuters, 2024
8Investing.com, 2024
9Investing.com, 2024
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