1. Howmemesfuelled
GameStop’s1600%
stocksurge

2. Some ofthe memeswere new.
Such asthis phrase, afterCNBC financial analystJim Cramer
used itto mockinglydescribethe retailtraders buying up $GME
en masse.

3. Somewere adopted.
Like “stonks”, a deliberate misspelling of“stocks”.The meme has
been around foryears and is often used ironically.

4. Sure, having a common practical purpose
(making money) and a common enemy(Wall Street)
contributed greatlytothe coordinated bull rush.
But asthis deckwill explain,the memes used bythe
online communities ofretailtraders also played
important, and somewhat invisible roles inthe $GME
spike.

5. 1. Buildtrust and commitment among strangers
The onlywaythe retailtraders could have overpowered an
aggressivelybearish Melvin Capitalwasthrough collective
action.
Howdidthe retailtraders use memesto buildthetrust
requiredto generate sufficient collective action?

6. Meet DeepFuckingValue,the guywho startedthewhole
$GME craze onthewallstreetbets subreddit.

7. He’d make limited appearances onthe subreddit, mostly
posting screenshots ofhistrading account. Even on days
where he’d losetens ofmillions ofdollars, hewouldn’t sell
anyofhis positions.

8. As a result ofhis unwavering commitment, he’s been
glorified into memesto inspire othermembers ofthe
subreddit. (Verycult-like, I know.)

9. Anotherexample: Retailtraders also adopted memes as
insiderlingo, effectivelyreinforcing an “Us” mentality.
Refersto having “strong
hands”to hold onto $GME
positions.
Adeliberate misspelling
of“hold”. Possiblycreated
duringthe 2017 bitcoin surge.
HODL

10. 2. Convert bystanders
And because memes serve as a common language among
certain online communities,the retailtraders have also
adaptedwell-known memesto attract newinvestors.

11. This meme made its rounds in 2020…

12. ...and recentlygotturned into a
billboard inTimes Square,
serving as strong encouragement
tothe in-the-knowcrowdto join
the $GME movement.

13. 3. Generate and sustain emotions
Just like in a social movement,the more enthusiastic retail
traderswere motivatedto maintain a level ofexcitement among
the general community, especiallyduring non-trading hours.
What betterwayto do so in an online settingthan memes?

14. An especiallypopularform ofmemes created forthis
purpose consisted ofre-subtitled scenes from famous films.

17. 4. Signal $GME’s popularity
Duetotheviral potential ofmemes,theyalso served as
indicators ofhowwidespreadthe knowledge of$GME’svalue
is,which inturn reinforcesthe retailtraders’ faith inthe stock.

18. Forexample, $GME-related memes have spreadto more
mainstream channels such asYouTube chat and comments,
and even intothe realworld.
Elite influencers’ usage ofthe memes certainlysent a
strong signaltoo.

19. Like anyothersocial movement,the success ofthe $GME short squeeze
depends on morethan one factor. So, I’m certainlynot claiming memesto
have some sort ofsupreme power. Rather, I justwantedto illustrate some
oftheways memes have contributedtothe $GME’s stocksurge.
Atthetime ofwriting,this saga is startingtowanewith immense pressure
fromWall Street andthe media. But it’d be interestingto seewherethis
goes.Already,talks ofanotherOccupymovement have surfaced...

20. Recommended reading
Gaudette,T., Scrivens, R., Davies, G., &Frank, R. (2020). Upvoting extremism: Collective identityformation andthe
extreme right on Reddit. NewMedia&Society, 1461444820958123.
Marwell, G., &Oliver, P. (1993). Thecriticalmassincollectiveaction. Cambridge UniversityPress.
Milan, S. (2015). From social movementsto cloud protesting:the evolution ofcollective identity. Information,
Communication&Society, 18(8), 887-900.
Nissenbaum,A., &Shifman, L. (2017). Internet memes as contested cultural capital:The case of4chan’s/b/board. New
Media&Society, 19(4), 483-501.
Treré, E. (2015). Reclaiming, proclaiming, and maintaining collective identityinthe#YoSoy132 movement in Mexico: an
examination ofdigital frontstage and backstage activismthrough social media and instant messaging platforms.
Information,Communication&Society, 18(8), 901-915.