In brief
A GameStop-themed meme coin on Solana has plunged in price since hitting an all-time high in June.
The fall of the GME meme coin comes as GameStop stock trader Roaring Kitty (aka Keith Gill) pivots his attention to Chewy.
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Many meme coins only get one shining moment in the crypto spotlight before they die an inglorious death—so by that mark, the GameStop (GME) tribute coin on Solana has already beaten the vast majority of its contemporaries. But with GameStop stock attention once again cooling off, the unofficial GME token is down bad following the latest surge.
Solana token GME, which launched back in January, has now lost nearly 79% of its value since blasting off to a new all-time high price of $0.031 on June 7, per data from CoinGecko. It’s now priced at $0.0068, falling another 16% over the past week as the hype around GameStop and bull trader Roaring Kitty loses momentum again.
The meme coin surged to that new peak price when Roaring Kitty, aka Keith Gill or DeepFuckingValue, returned to the spotlight in early June with a Reddit disclosure of a sizable holding in GME stock. That was followed by his first YouTube livestream since disappearing from the internet after sparking the 2021 meme stock craze.
Gill ultimately boosted his GME stock holdings to some 9 million shares after converting some of his held options last month, but then cooled off on the disclosure posts and curious meme tweets—and there was no second livestream after that initial comeback session.
GameStop’s share price has fallen sharply, as well, down by almost half since the early June spike at a current price of $23.98—and all of the latest gains from the past month have evaporated, with the stock down more than 14% over that span.
Some traders haven’t taken kindly to the impact of Roaring Kitty’s tweets and posts on the price of GameStop stock. Last week, one trader filed suit against Gill for allegedly committing securities fraud by manipulating the price of the stock. But late Monday, the suit was voluntarily dismissed by the plaintiffs for unknown reasons.
Last week, Gill tweeted a cartoonish illustration of a dog—and immediately, the price of pet supplies retailer Chewy and other pet-related stocks briefly surged as traders interpreted his message. That might’ve seemed like a fluke last week, but then on Monday, Gill filed with the SEC to let the regulator know that he purchased 9 million shares of Chewy stock, too.
GameStop’s stock price dipped on Monday amid speculation that Gill was giving up on his favorite company. But the losses didn’t stick, with shares up nearly 4% from Monday’s close.
Meanwhile, the GME meme coin had a moment in early February, soon after the launch, and then largely faded until early May when Roaring Kitty first reappeared. At that point, the token spiked to what was then a new all-time high price before once more cooling off—and it repeated again in early June when Gill expanded his comeback.
Traders still holding on to their GME tokens are no doubt eagerly waiting to see whether Gill’s next moves—or any other GameStop-related happenings—revive demand yet again.
Edited by Ryan Ozawa.
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Source: https://decrypt.co/238201/gamestop-meme-coin-crashes-roaring-kitty-stock-craze-dies
