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Meme stock king GameStop (NYSE: GME) hit its highest price in over a month Monday, continuing its latest uptick despite its pumper-in-chief and top trader Roaring Kitty keeping a low profile of late.
New York Stock Exchange data shows the original meme stock traded above $27.00 earlier Monday, but even at its current price of $26.48, it remains up 5% over the past month and about 2% on the day.
The stock has continued to shoot up as investors continue to show interest in meme stocks following the May reappearance of the trader who started the original meme stock bull run.
Video game retailer GameStop first made headlines in 2021 when amateur traders started buying its stock and pumping its price. The trading surge led to Wall Street chaos after professional traders who had initially bet on the price of the company’s stock going down began to lose out.
GME had largely gone quiet but made a comeback in May after the trader that started the 2021 buying frenzy—Keith Gill, who goes by the name of Roaring Kitty—posted a meme on Twitter (aka X) for the first time in three years.
GameStop’s price exploded in the days thereafter and then surged again in June when Gill hosted his first livestream since 2021 and disclosed a sizable share purchase.
However, Roaring Kitty hasn’t posted anything in weeks and GME fell sharply from its recent peak—though it started rising again gradually over the course of last week.
But its recent climb shows investors still have an appetite for risky assets like meme stocks—particularly following the attempted assassination of presidential candidate Donald Trump at the weekend.
Major stock market indexes the S&P500, Nasdaq, and Dow Jones are all up modestly today. Bitcoin and the wider crypto market have also made significant gains.
In China, meme stock Wisesoft Co. surged Monday. The company’s name in Mandarin sounds like “Trump wins big”—and it has previously made gains based on news surrounding the former U.S. president and current presumptive Republican candidate.
Last week, GameStop also announced a $25,000 reward for a hard-to-find Lionel Messi sticker from the 2024 Panini Copa America collection. The announcement showed the company is set on targeting a base outside of video games, with Monday’s jump potentially showing a positive reception to GameStop’s expanding interests.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Source: https://decrypt.co/239857/gamestop-stock-highest-price-month-whats-happening
