Double-Digit Losses in GameStop (GME) Stock Weigh Over Meme Coins
- WBOYOriginal
- 2024-06-25 15:34:47731browse
Meme token GME and KITTY fall 25% and 10%, respectively.
GameStop (GME) stock continued its slide on Monday, U.S. time, after a sharp rally earlier this month. The stock closed down 12% after a 40% drop on Friday, both of which had a strong impact on meme tokens.
GME stock closed down 12% on Monday after a sharp rally earlier this month.
The GME token, which parodies the GameStop stock and is designed to follow its price movements, slid 25% on Monday, reversing some of its recent gains. The token had surged by more than 200% over the past seven days.
Other related tokens, such as Roaring Kitty (KITTY) and several cat-themed tokens, which had previously moved in tandem with GME stock, also saw losses. According to data tracked by CoinGecko, these tokens lost an average of at least 10%.
Dog-themed tokens doge (DOGE), shiba inu (SHIB), and floki (FLOKI) also saw their gains from last week diminish, falling by 4% to 10%.
The stock has seen large price swings since late May, following the first public sighting of retail trader and GME bull Keith Gill since 2021. Gill, who is known by his @TheRoaring Kitty and “DeepF*uckingValue” aliases, was a key figure in the stock's short squeeze rally in 2021.
Last week, Gill disclosed a $580 million position in GME equity and options holdings, which drove up the stock and could lead to a potential billion-dollar exposure position.
However, gains were wiped out after the company announced plans to sell up to 75 million shares, following an earlier sale of 45 million shares that netted the company $933 million. The company also reported a decline in quarterly sales, which dampened investor sentiment.
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