{"id":398209,"date":"2024-06-09T02:30:44","date_gmt":"2024-06-08T21:00:44","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=398209"},"modified":"2024-06-08T17:05:07","modified_gmt":"2024-06-08T11:35:07","slug":"gamestops-decline-hits-memecoins-as-gme-kitty-amc-see-red","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/gamestops-decline-hits-memecoins-as-gme-kitty-amc-see-red\/","title":{"rendered":"GameStop&#8217;s decline hits memecoins as GME, KITTY, AMC see red"},"content":{"rendered":"<ul>\n<li><em>GameStop&#8217;s stock price fell after<\/em><em> a recent earnings call<\/em><\/li>\n<li><em>KITTY and AMC recorded the highest corrections in the last 24 hours<\/em><\/li>\n<\/ul>\n<p>The memecoin sector continues to be the most volatile space in the crypto market. The recent performances of GME-related memecoins is a case in point, with each of these cryptos recording significant volatility on the charts.<\/p>\n<h2>What is happening with GME?<\/h2>\n<p>Keith Gill, the internet investor better known by his online handle Roaring Kitty, made a much-anticipated return to the spotlight on Friday after a years-long hiatus. However, his comeback livestream wasn&#8217;t met with the celebratory surge some expected.<\/p>\n<p><a href=\"https:\/\/ambcrypto.com\/gamestop-memecoin-experiences-record-volume-amid-300-surge\/\" target=\"_blank\" rel=\"noopener\">GameStop&#8217;s<\/a> stock price had already taken a nosedive that morning after the company released a disappointing earnings report and announced a significant new share offering. This negative news overshadowed Gill&#8217;s return, and the stock continued to slide throughout his livestream even as he presented his bullish long-term outlook on the company.<\/p>\n<p>By the day&#8217;s end, GameStop shares were down a staggering 40%.<\/p>\n<p>The impact wasn&#8217;t confined to traditional markets either. A memecoin inspired by GameStop, GME, also saw a wild ride. Its price skyrocketed by nearly 100% in a single day, before crashing back down by 50% within hours.<\/p>\n<p>Despite the reversal, GME still ended the week significantly higher than it began. Gill&#8217;s return to social media last month, after a three-year silence, reignited the speculative frenzy surrounding GameStop, with the meme stock craze even spilling over into the cryptocurrency world.<\/p>\n<figure id=\"attachment_398234\" aria-describedby=\"caption-attachment-398234\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-08-at-2.39.43\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-398234 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-08-at-2.39.43\u202fPM-909x1024.png\" alt=\"\" width=\"740\" height=\"834\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-08-at-2.39.43\u202fPM-909x1024.png 909w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-08-at-2.39.43\u202fPM-266x300.png 266w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-08-at-2.39.43\u202fPM-768x865.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-08-at-2.39.43\u202fPM.png 1188w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-398234\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2>Not all memecoins see corrections!<\/h2>\n<p>After surging significantly following Roaring Kitty&#8217;s comeback, the memecoins <a href=\"https:\/\/ambcrypto.com\/roaring-kitty-crypto-amc-rally-amid-gamestop-buzz-sell-sell-sell\/\" target=\"_blank\" rel=\"noopener\">GME, KITTY and even AMC<\/a> surged. However, on the back of the market&#8217;s latest depreciation, memecoins saw much of their value disappear too. For example, GME declined by 51% over the last 24 hours, with the crypto trading at <span class=\"sc-d1ede7e3-0 fsQm base-text\">$0.01515, <\/span>at the time of writing.<\/p>\n<p>AMC, on the other hand, was trading at $0.004811, having fallen by 61% over the same period.<\/p>\n<p>KITTY, the memecoin inspired by Keith Gill&#8217;s account, also faced similar selling pressure. However, it was not as significant as the pressure seen by the other two altcoins.<\/p>\n<p>In fact, CoinMarketCap&#8217;s data revealed that the price of the altcoin fell by &#8216;just&#8217; 18.5% in the last 24 hours. At the time of writing, the token was trading at $0.006843.<\/p>\n<figure id=\"attachment_398238\" aria-describedby=\"caption-attachment-398238\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/KITTY_1D_graph_coinmarketcap.png\"><img decoding=\"async\" class=\"wp-image-398238 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/KITTY_1D_graph_coinmarketcap-1024x683.png\" alt=\"\" width=\"740\" height=\"494\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/KITTY_1D_graph_coinmarketcap-1024x683.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/KITTY_1D_graph_coinmarketcap-300x200.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/KITTY_1D_graph_coinmarketcap-768x512.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/KITTY_1D_graph_coinmarketcap.png 1200w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-398238\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Following a disappointing earnings call, GameStop&#8217;s stock price declined. Memecoins weren&#8217;t happy either. <\/p>\n","protected":false},"author":73,"featured_media":398248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[6427],"class_list":["post-398209","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GameStop&#039;s decline hits memecoins as GME, KITTY, AMC see red - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The memecoin sector continues to be the most volatile space in the crypto market. 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