Americans’ interest in “meme stocks” may be dwindling.
Earlier this year, traders communicating via online social networks collectively agreed to purchase stock in GameStop, AMC Entertainment, and cryptocurrencies such as Dogecoin. However, recent search engine data reveals a declining public interest among amateur stock trading.
One factor that turns a stock into a meme stock is that it attracts the attention of new traders who are committed to trading with hoards of buyers.
These new traders tend to be novice traders, and they seek information like novices at anything else: they do Google searches for basic terms. However, Google Trends data shows searches for basic terms like “investing” and “buy stocks” have fallen to levels not seen in over a year.
Searches for the two terms skyrocketed in January and February; however, they have since fallen considerably.
“To our eyes, the data here says that the surge in US retail investor interest in investing is entirely over,” wrote DataTrek Research co-founder Nicholas Colas,