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.
CNBC’s reaction to Roaring Kitty’s live stream is priceless ????pic.twitter.com/ZiqAE8640m
— wallstreetbets (@wallstreetbets) June 7, 2024
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.
This is the future of finance ????pic.twitter.com/vVC6VLkb9i
— wallstreetbets (@wallstreetbets) June 8, 2024
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.
Critics argue that celebrity livestreams are manipulating the stock market, potentially violating federal laws.
