- Since reaching a new peak in June, GME, the unofficial GameStop tribute coin on Solana, has dropped 79%. When is another return owed?
- The value of a meme coin on Solana with a GameStop theme has dropped since it peaked in June.
- As GameStop stock trader Roaring Kitty (aka Keith Gill) shifts his focus to Chewy, the GME meme currency starts to tumble.
The GameStop (GME) tribute coin on Solana has already outperformed the great majority of its peers by that measure. Many meme currencies only have one brief moment of fame in the cryptocurrency world before they meet an untimely end. However, after the most recent spike, the unofficial GME coin is severely declining as interest in GameStop shares has once again cooled.
According to CoinGecko data, the January-launched Solana token GME has already lost about 79% of its value since soaring to a new all-time high price of $0.031 on June 7. At $0.0068, it has dropped 16% in the last week as the excitement around GameStop and bull trader Roaring Kitty wanes once more.
When Roaring Kitty, also known as Keith Gill or DeepFuckingValue, made a big disclosure about a sizeable position of GME stock on Reddit in early June, the meme currency shot to a new peak price. After that, he did his first YouTube livestream since going viral and starting the 2021 meme stock frenzy.
After converting some of his held options last month, Gill increased his total holdings of GME stock to about 9 million shares. However, he later stopped posting disclosures and making odd meme tweets, and there was no more livestream following that first comeback session.
The price of GameStop’s stock has also dropped precipitously, nearly half since the early June peak, when it was trading at $23.98. The stock has lost more than 14% of its value in the last month, wiping out all of the most recent gains.
The effect that Roaring Kitty’s tweets and posts have had on the price of GameStop stock has not gone down well with certain traders. Gill was sued by a trader last week for allegedly engaging in securities fraud, which involved manipulating the stock price. However, the plaintiffs voluntarily dismissed the lawsuit late on Monday for unspecified reasons.
When Gill posted a cartoonish image of a dog on Twitter last week, traders quickly read his message and sent the price of Chewy, a retailer of pet supplies, and other pet-related stocks skyrocketing. Although it may have appeared to be an isolated incident last week, Gill filed a report with the SEC on Monday informing the authority that he had also bought 9 million shares of Chewy stock.
On Monday, there was a decrease in GameStop’s stock price due to rumors that Gill was abandoning his beloved company. However, the losses were short-lived, as shares rose by about 4% after Monday’s closing.
In the meantime, the GME meme wave peaked shortly after the debut in early February and then gradually declined until Roaring Kitty made her first reappearance in early May. The token subsequently surged to a new all-time high price before cooling off once more; this pattern was repeated in early June as Gill increased the scope of his comeback.
Without a doubt, traders who are still hanging onto their GME tokens are anxious to see if Gill’s upcoming actions or any other GameStop-related events would spark demand once more.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
