Over the past 24 hours, the price of the token, which parodies the company Solana, has fallen by 25%. This comes after a reversal in GameStop (GME) shares on Monday, the second day of a controversial rally, sent prices down 12%.
GME shares fell 40% on Friday and ended Monday at $24.89, down 62% from last Thursday's record high of $61.
GameStop-related tokens such as Roaring Kitty ( #KITTY ) and others that previously traded alongside GME stock lost an average of at least 10%. According to CoinGecko, dog-themed tokens doge (DOGE)
Shiba Inu (SHIB),
floki( $FLOKI ) also reduced profits compared to last week - the fall ranged from 4% to 10%.
Time schedule #Shibalnu
GameStop shares have risen sharply since late May, when Keith Gill, known as TheRoaringKitty and DeepF*uckingValue, returned to the market as a retail trader for the first time since 2021. Gill was a key figure in last year's short-term stock rally.
Keith Gill took a $580 million position in GME equity and options holdings last week, sending the stock price higher and putting him on track for a potential billion-dollar exposure. However, the gains were wiped out after the company announced it was selling up to 75 million shares, days after it raised $933 million by selling 45 million shares. In addition, the company reported a drop in quarterly sales.
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