GameStop's Stock Plunge Triggers Major Losses in Meme Token Market
TL;DR
- The recent decline in GameStop (GME) stock has led to significant losses in the meme token market, with many assets experiencing sharp sell-offs.
- Retail trader Keith Gill's return briefly boosted GME's price, but plans to sell 75 million shares and declining sales dampened investor sentiment.
The downturn in GameStop (GME) stock has severely affected the meme token market, resulting in notable losses across various assets. GME's stock fell by 12% on Monday, following a staggering 40% drop the previous Friday, bringing its price down to $24.89 â a dramatic 62% decrease from its two-year peak of $61. This decline also impacted meme tokens, particularly the Solana-based token $GME, which plummeted by 25% after a 200% rally the week before.
Other related tokens, such as $KITTY and various dog-themed cryptocurrencies like $DOGE and $SHIB, also faced losses, averaging at least 10%. The volatility in GME stock has been pronounced since late May, largely due to the return of retail trader Keith Gill, known as @TheRoaringKitty. His $580 million position in GME briefly boosted the stock, but enthusiasm waned when GameStop announced plans to sell up to 75 million shares and reported a decline in quarterly sales.
This situation highlights the interconnectedness of meme stocks and cryptocurrencies, particularly among retail investors who are closely monitoring both sectors. As the market continues to fluctuate, investors remain cautious about potential further declines.
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