Search
Close this search box.

GME and Memecoins Drop After Roaring Kitty’s Livestream

GameStop-inspired memecoins such as GME, KITTY and ROAR dropped sharply during Roaring Kitty's "reappearance" livestream
Roaring Kitty livestream

A series of GameStop-inspired memecoins plummeted by up to 30% yesterday as “short-squeeze legend” Roaring Kitty held his first livestream in three years.

Keith Gill, known as Roaring Kitty, made waves in the financial world when he bought GameStop stock at a low of $0.64. After three years of relative silence, he reemerged on May 12, announcing his return.

As planned, Keith Gill hosted a livestream about his GME investment strategy last night (June 7). Over 600,000 viewers tuned in to watch. It’s estimated that Roaring Kitty’s current investment could reach $1 billion if GME stock exceeds $67.

However, the live stream didn’t go as hoped. GameStop shares plunged 40% to $28 each. The stock was halted at least six times during the session. Despite this, Gill still holds 120,000 call options for GameStop at $20 per share, set to expire on June 21.

Not only did GameStop’s stock price suffer, but related meme coins also took a hit. GME, ROAR, and KITTY tokens dropped by 31%, 31%, and 17%, respectively, in the last 24 hours. Just a day earlier, these three meme coins had seen triple-digit gains in anticipation of Roaring Kitty’s livestream.

GAME price fluctuations on daily frame, CoinMarketCap screenshot at 07:50 AM on June 8, 2024
GAME price fluctuations on the daily frame, CoinMarketCap screenshot at 07:50 AM on June 8, 2024

Critics argue that celebrity livestreams are manipulating the stock market, potentially violating federal laws.

Share:

New Post

Read more

Bitcoin ETFs see record inflows in July, signaling strong investor sentiment and driving Bitcoin, Ethereum, and altcoins higher.
Mastercard integrates its API with Alchemy Pay to enhance security for crypto solutions, reducing fraud with advanced machine learning and boosting user protection.
Some firms have proposed business practices that the SEC agrees could exempt them from controversial crypto accounting guidance, according to an SEC source.