Mimetic Stocks, Not Meme Stocks

On memes and the generation of mimetic desire

The stock market isn’t irrational, it’s mimetic.

What we now see clearly happening in a few special assets (termed “meme” stocks)—movement fueling more movement—is merely an amplification of what has always happened in the stock market: price action matters because it is, above all, a reflection of what other people want; and what other people want affe…