Memecoins
GameStop meme coin plummets as Roaring Kitty stock craze dies down
Many meme coins only get one moment of glory in the crypto spotlight before they die an inglorious death—so by this brand, the GameStop (GME) tribute coin on Solana has already beaten the vast majority of its contemporaries. But with attention on GameStop shares cooling again, the unofficial GME token is down sharply after the latest surge.
The Solana GME token, launched in January, has now lost nearly 79% of its value since hitting a new all-time high price of $0.031 on June 7, according to data from CoinGecko. The snow at a price of $0.0068falling another 16% over the past week as the hype around GameStop and bullish trader Roaring Kitty loses momentum again.
The same room reached this new record price when Roaring Kitty, aka Keith Gill or DeepFuckingValue, returned to the spotlight in early June with a revelation on Reddit of a significant stake in GME stock. This was followed by his first youtube livestream since disappearing from the internet after sparking the meme stock craze in 2021.
Gill in the end increased its holdings of GME shares to about 9 million shares after converting some of its options held last month, but then cooled on the disclosure posts and curious meme tweets — and there was no second live stream after that initial comeback session.
GameStop’s stock price has also fallen sharply, down nearly half since its peak in early June, to a current price of $23.98 – and all of last month’s gains have evaporated, with the stock down more than 14% in that time.
Some traders have not appreciated the impact of Roaring Kitty’s tweets and posts on GameStop’s stock price. Last week, one trader filed a lawsuit against Gill for allegedly committing securities fraud by manipulating the stock price. But on Monday night, the complaint was voluntarily dismissed by the complainants for unknown reasons.
Last week, Gill tweeted a cartoon illustration of a dog, and immediately, the stock price of pet supply retailer Chewy and other pet-related stocks surged. briefly increased as traders interpreted his message. It might have seemed like a fluke last week, but on Monday, Gill filed a request with the SEC to let the regulator know that he bought 9 million shares of ChewyAlso.
GameStop Stock Price dived monday Speculation that Gill was abandoning his beloved company fizzled. But the losses didn’t last, with shares up nearly 4% from Monday’s close.
Meanwhile, the GME meme coin had a moment of glory in early February, shortly after its launch, then largely faded until early May, when Roaring Kitty first reemerged. At that point, the token reached what was then a new all-time high price before slowing down once more, and this was repeated in early June when Gill extended his comeback.
Traders who are still holding their GME tokens are no doubt waiting anxiously to see if Gill’s next moves – or any other GameStop-related events – will spark demand again.
Edited by Ryan Ozawa.