Mimetic Desire and Why Price Action Matters

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Mimetic theory may explain why AMC and GameStop shares continue to be as valuable as they are despite them being from dying industries. Developed by Rene Girard, mimetic theory describes how people desire things because other people desire them also (“mimeticality” or imitation). When people started buying these “meme” stocks for fun, other people soon started imitating them, which made their prices skyrocket and ultimately caused them to remain valuable.
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