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GameStop’s Solana-based Meme Coin GME Surges 467% Before Roaring Kitty’s Stream – Decrypt
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GameStop’s stock experienced a significant drop on Friday after the early release of a challenging Q1 earnings report from the video game retailer. In contrast, the unofficial GME meme coin on the Solana blockchain has surged this week, reaching a record high price just hours before notable trader Roaring Kitty (also known as Keith Gill) is set to host his first livestream in three years. The GME coin, which was created in January as a nod to GameStop, has increased by 70% in the past 24 hours and is currently valued at $0.021. This marks a 467% rise over the week, driven by the ongoing excitement around GameStop’s stock. Since hitting its lowest price on April 30, the token has skyrocketed by over 5,000%. Overnight, the GME token reached a new peak of nearly $0.032, although it has since dropped by 33% from that high. In the past 24 hours, trading volume for the token hit a record $471 million, according to CoinGecko.
Meanwhile, GameStop’s actual shares have plummeted, falling 25% since markets opened on Friday, largely due to the premature and disappointing quarterly earnings report. The stock is now priced just below $35. However, the most talked-about event on Friday is expected to be Roaring Kitty’s return to YouTube with a scheduled livestream at 12pm ET. The influencer, who is also known as DeepFuckingValue on Reddit, was a central figure in the 2021 GameStop stock short squeeze. Recently, he has reappeared on Twitter and Reddit, revealing that he owns hundreds of millions of dollars in GME shares and options. If GME’s stock price reaches $65 on Friday, his holdings would be valued at $1 billion. As of now, over 100,000 people are waiting to watch the livestream.
Disclaimer: The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
GameStop's stock value dropped significantly on Friday due to an unexpectedly early and disappointing Q1 earnings report from the video game seller. Despite this, the unofficial GME meme cryptocurrency on the Solana blockchain is performing exceptionally well this week, reaching its highest-ever price just hours before well-known trader Roaring Kitty (also known as Keith Gill) is set to conduct his first livestream in three years.
GME, a cryptocurrency created in homage to GameStop and introduced in January, has surged by 70% in the past day, reaching a price of $0.021. Over the past week, it has soared by 467% due to the frenzy surrounding GameStop's meme stock. Since hitting its lowest ever value on April 30, the token has skyrocketed by over 5,000%.
The GME token surged to an unprecedented high of almost $0.032 overnight. Since reaching this peak, its value has dropped by 33%. CoinGecko reports that the token has experienced its highest-ever trading volume of $471 million over the past day.
GameStop's stock has taken a significant hit on Friday, dropping 25% since the market opened, mainly because of the earlier-than-anticipated disclosure of disappointing quarterly results. The current stock price is just below $35.
However, the most significant event concerning GameStop on Friday is expected to be the comeback of Roaring Kitty on YouTube during a planned livestream at 12 pm ET. This influencer, also known as DeepFuckingValue on Reddit, played a crucial role in the 2021 short squeeze of GameStop's stock.
Over the past few weeks, he has made his way back to Twitter and more recently to Reddit, where he disclosed that he owns GME shares and options valued in the hundreds of millions of dollars. If GME's stock price reaches $65 by Friday, his investments would total $1 billion.
As of now, over 100,000 individuals are already lined up to view the stream.
Notice
The author’s perspectives and thoughts shared here are solely for informational use and should not be taken as financial, investment, or any other type of professional advice.
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