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Meme Sector Sees Sharp Sell-off as GameStop Losses Extend to 60%
A Solana meme parody of the actual company was down 25% in the past 24 hours, with steep losses across other meme tokens that tended to move in tandem with GameStop.
Updated Jun 11, 2024, 6:01 p.m. Published Jun 11, 2024, 7:06 a.m.
- Double-digit losses in GameStop weigh over meme coins.
- Meme token GME and KITTY fall 25% and 10%, respectively.
The controversial GameStop (GME) stock rally saw its second day of reversing on Monday, ending the U.S. trading session down 12% after a 40% drop on Friday This weighed down some meme tokens that tend to mirror the stock’s movements.
GME ended Monday trading at $24.89, down 62% from a two-year high of $61 last Thursday. Elsewhere, the Solana-based meme token GME, which parodies the company, slid 25%, reversing a more than 200% rally from the past seven days.
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Related tokens like Roaring Kitty (KITTY) and some cat-themed tokens, which previously moved alongside GME stock, lost an average of at least 10%, according to data tracked by CoinGecko.
Dog-themed tokens doge (DOGE), and pared gains from the last week, falling from 4% to 10%.
The stock had moved wildly since late May on the apparent return of retail trader and GME bull Keith Gill for the first time since 2021. Gill, known by his @TheRoaring Kitty and “DeepF*uckingValue” aliases, was a key figure in the stock’s short squeeze rally in 2021.
Gill flashed a $580 million position of GME equity and options holdings last week, boosting the stock’s prices and putting him on track to a potential billion-dollar exposure position.
However, gains were erased after the company said it would sell up to 75 million shares, days after it made $933 million by selling 45 million shares. It also announced a drop in quarterly sales – dampening investor sentiment.
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