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Bitcoin and Meme Stock Traders Are Tired of ‘Buying the Dip’

Cryptocurrency, equity and SPAC fans use the phrase to rally support on social media when their investments sink. Does it actually work?

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Are Bitcoin Traders Tired of Buying the Dip?

When Bitcoin plunged on Tuesday, El Salvador’s President Nayib Bukele tweeted a version of the three words that have become a mantra for meme stock traders: Buy the dip.

This past year, those three words have ricocheted across social media any time a meme asset slumps. AMC shares in freefall? “Buy the dip,” Redditors insist. Crypto taking a slide? Cue a flock of “buy the dip” tweets. A celebrity SPAC is spiraling downward? Telegram groups alight with prods from hopeful buyers.