GameStop Tumbles 40% as Trading Icon Roaring Kitty Returns to Livestream

Solana-based meme token GME is down 50% from earlier Friday, but remains sharply higher for the week

AccessTimeIconJun 7, 2024 at 5:15 p.m. UTC
Updated Jun 7, 2024 at 5:19 p.m. UTC

Retail trading legend Keith Gill, otherwise known as Roaring Kitty or DeepF*ckingValue aliases on social media, returned to his livesteam for the first time in several years on Friday.

Prior to the livestream, GameStop (GME) shares tumbled 25% in the morning hours of the Friday session after the company rushed out a first quarter earnings report and a 75 million share offering in wake of the large run higher in the stock this week.

Shares continued lower during Gill's appearance as he attempted to lay out his long-term bull case on GameStop. They're currently lower by 40% for the day.

Solana-based meme token GME, which was inspired by the company but has no affiliation with it, almost doubled in price in less than a day before sharply paring gains on Friday. At press time it was down 50% over the preceding few hours, though still higher by more than three-fold this week.

Gill returned to social media last month after three years of silence, unleashing a speculative frenzy for GameStop that spilled over to the memecoin market with multiple opportunistic tokens launching on the Solana blockchain.

Thursday, Gill revealed in a Reddit post that his stock and options position was worth $586 million at the time.


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