Bloodbath on Wall Street in the “GameStop Short Squeeze Event” led by the figurehead – internet analyst Keith Gill (Roaring Kitty), whose lackluster live stream last night, coupled with disappointing financial reports, caused GME to plummet by 40%, with meme coins GME and KITTY also experiencing a sharp decline.
Financial report discrepancies and Roaring Kitty’s lackluster live stream lead to a 40% drop in GME.
Bridge Capital founder: GameStop should buy Bitcoin.
GME, Roaring Kitty-related meme coins plummet.
This week, the figurehead of the 2021 GameStop short squeeze event – internet celebrity financial analyst Keith Gill (alias “Roaring Kitty”) announced that he would be live streaming at 12 noon on Friday Eastern Time, causing GME’s stock price to soar and become the market focus.
Although Gill’s live stream attracted over a million viewers, the content lacked any surprising news, only mentioning his belief in the ability of GameStop’s management under CEO Ryan Cohen to transform the company’s business and confirming that the accounts holding a large amount of GME mentioned on the Reddit community belong to him personally.
The ordinary live stream failed to drive GameStop’s stock price to continue rising, instead causing the previously declining stock price to plummet further by about 27%, closing at $28.22 on Friday, a drop of 39.38%.
Interestingly, Anthony Scaramucci, founder of SkyBridge Capital, suggested an interesting idea after GameStop announced the sale of 75 million shares causing the stock price to fall – that the company should follow MicroStrategy’s example and buy Bitcoin. He speculated that this move might help boost GameStop’s stock price, as after the announcements of buying Bitcoin by Semler Scientific in the US and Metaplanet in Japan, their stock prices soared. BTC seems to be a panacea for stock prices…
GME, Roaring Kitty-related meme coins plummeted as a result of Roaring Kitty’s failed live stream and the significant impact of GME’s stock price drop on GameStop and Roaring Kitty-related meme coins. For example, the GME on Solana and KITTY (Roaring Kitty) dropped by 36.7% and 47.5%, respectively.
QCP Capital stated in its latest market analysis that during Roaring Kitty’s live stream, GME’s stock price plummeted. Shitcoins and meme coins also declined simultaneously, with a market value evaporating over $40 billion, which may not be a coincidence.
It is expected that Keith Gill’s future actions may still trigger dramatic fluctuations in GME and Memecoins. However, meme coins often come with high volatility and high risk. The market reminds investors to be cautious of investment risks when participating in market trends.