Homepage > News > Nearly 900,000 accounts traded on GME on WallStreetBets

Nearly 900,000 accounts traded on GME on WallStreetBets

The US Securities and Exchange Commission (SEC) has analyzed the events of the January pump on GameStop shares. On Monday, a report was published, from which we learn, among others, about the number of traders who participated in it.

GameStop (GME) has become a symbol of the investment mania that took over the markets at the beginning of the year. Reddit’s community of users, WallStreetBets, has engaged in massive stock-buying of a declining chain of video game stores to counter the venture capitalists playing on its downturns.

Three weeks of the pump were enough to raise the GME rate by 2,700%. GameStop’s institutional sorting players began to take heavy losses. But Robinhood helped them. The investment platform used by a large number of small traders from the WallStreetBets forum has restricted GME trading. This contributed to the pump stoppage, but the broker ran into trouble from the US regulating agencies.

Nearly 900,000 accounts

The SEC report indicates that during the WallStreetBets pump, the number of GameStop stock trading accounts increased from 9,000 to nearly 900,000 at the January 27 peak.

It was crazy. I don’t recall ever seeing such a number on a single stock, not even at the peak of the dot.com bubble. In that context, it’s “Wow,” said Steve Sosnick, chief strategist at Interactive Brokers, commenting on the SEC report.

According to an analysis by the SEC, only between January 12 and 13, the number of individual accounts trading on GameStop increase from 9,220 to 60,515. A continuous increase in prices accompanied the influx of traders. From January 12 to January 27, the GME price rose by 2,700%, reaching a maximum valuation of $ 483. At the same time, trading volumes were also breaking records, rising by 1,400% to 100 million shares per day. As much as 2/3 of the trade took place on the platforms of the Robinhood, ETrade and TD Ameritrade brokers.

After the rapid increases, there were also quick drops. In the first week of February, GameStop shares lost nearly 86%. On January 28, the number of GME trading accounts fell by 250,000 in one day.

Author: Michał Misiura

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.


Last news:

bucharest exchange with record value of transactions

Stocks Surge on Positive May Jobs Report and Senate Debt Ceiling Bill Approval

Stocks rallied on Friday following the release of a robust May jobs report and news ...
Read More

FDIC Reports Largest Deposit Decline in US Banks in 39 Years

US banks faced a significant setback in the first quarter as they experienced the largest ...
Read More

Nvidia CEO Receives Rock Star Reception in Taiwan as AI Stocks Surge

Jensen Huang, the CEO of chip phenomenon Nvidia Corp. (NVDA), is currently enjoying celebrity treatment ...
Read More
turkish lira

Turkish Lira Hits All-Time Low as Erdogan Wins Re-election

The Turkish lira reached a new record low following the re-election of incumbent President Recep ...
Read More

Add a comment

Your email address will not be published. Required fields are marked *


Note: Opinions and posts on ForexRev.com represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. ForexRev.org assumes no responsibility or liability for such content.
Go to top