BTFD: An acronym for "buy the f***ing dip." Buying the dips means going long on a stock after its price has declined in the near term and is meant to be repeated after each such drawdown.Some have attributed this to a meme related to the movie Rise of the Planet of the Apes, but others have suggested that the label comes from the banding together of “dumb apes” to take on the Wall Street elite. Apes: 🦍 Members of the meme stock community.Indeed, as these became recognized meme stocks, members of r/wallstreetbets and similar outlets began to acknowledge the humor (for the “lulz”) of seeing such legacy companies emerge from the ashes in the stock market. Both stocks also saw their shares rapidly increase by multiples.
( AMC), the movie theater chain that saw flagging profits amid the COVID-19 pandemic, and Blackberry Limited ( BB), the outmoded smartphone maker. These included AMC Entertainment Holdings Inc. WallStreetBets users quickly identified other downtrodden stocks with heavy short interest to boost. While GameStop was the first successful meme stock, it was not the only one.
This led to user outrage along with class action lawsuits as well as regulatory fines and restitution of approximately $70 million. In fact, Robinhood saw overwhelming trading volume in meme stocks at times, causing multiple trade delays, outages, and platform crashes. Meme stock activity was given a great boost from bored individuals stuck at home during COVID-19 lockdowns combined with zero-commission brokerage apps like Robinhood.
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