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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.


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