The recent stormy ride of GameStop (GME) stock continued with its second consecutive day of decline on Monday, marking a 12% drop in U.S. trading following a substantial 40% fall on Friday. This downward trend not only affected GME but also had results on meme tokens that often mimic the stock’s movements.
By the closing bell on Monday, GME was priced at $24.89, marking a significant 62% decrease from its recent peak of $61 just two days prior. Similarly, the Solana-based meme token GME, which humorously imitates the company, experienced a 25% slide, reversing a remarkable 200% surge over the preceding week.
According to the data, the GME token is currently standing at $0.01624 after dropping almost 20% in just 24 hours. The Market capitalization is valued at $112.21 million and the 24-hour trading volume stands at $110.14 million, surging a staggering 98.72%.
Other related tokens such as Roaring Kitty (KITTY) and various cat-themed tokens, which had previously shown correlation with GME’s movement, saw losses averaging at least 10%, according to data compiled by CoinGecko.
Dog-themed tokens like doge (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) also saw their gains from the past week diminish, experiencing declines ranging from 4% to 10%.
The volatility in GME’s stock began in late May, coinciding with the resurgence of retail trader and GME enthusiast Keith Gill, also known by his online aliases @TheRoaring Kitty and “DeepF*uckingValue.”
Gill’s reported $580 million position in GME equity and options last week initially bolstered the stock’s prices, potentially positioning him for a billion-dollar exposure. However, these gains were swiftly wiped out following the company’s announcement of plans to issue up to 75 million shares, alongside a drop in quarterly sales, which dampened investor confidence.
In summary, the rollercoaster ride of GME stock, driven by retail investor activity and corporate decisions, has had ripple effects across related meme tokens, reflecting the interconnectedness and influence of internet-driven financial phenomena.
Also Read: GameStop’s Rally Takes Lead Over Dogecoin, What Next?
