Memecoins
GameStop decline hits memecoins as GME, KITTY and AMC see red
- GameStop’s stock price fell after a recent earnings call
- KITTY and AMC recorded the highest corrections in the last 24 hours
The memecoin sector continues to be the most volatile space in the cryptocurrency market. The recent performance of GME-linked memecoins is a case in point, with each of these cryptocurrencies seeing significant volatility on the charts.
What’s happening to GME?
Keith Gill, the Internet investor better known by his online pseudonym Roaring Kitty, made a long-awaited return to the spotlight Friday after a years-long hiatus. However, the live stream of his return was not met with the celebratory wave that some were expecting.
GameStop The stock price had already collapsed that morning after the company released a disappointing earnings report and announced a significant new stock offering. This negative news overshadowed Gill’s performance, and shares continued to slide during his live stream even as he presented his long-term bullish outlook on the company.
By the end of the day, GameStop shares were down a staggering 40%.
The impact was not limited to traditional markets. A GameStop-inspired memecoin, GME, has also seen wild success. Its price skyrocketed by almost 100% in a single day, before plummeting by 50% in just a few hours.
Despite the trend reversal, GME still ended the week significantly better than it started. Gill’s return to social media last month, after a three-year silence, has reignited the speculative frenzy surrounding GameStop, with the meme craze also extending into the world of cryptocurrencies.
Source: X
Not all memecoins see fixes!
After rising significantly following the return of Roaring Kitty, memecoins GME, KITTY and even AMC increased. However, following the latest market depreciation, memecoins have also seen much of their value disappear. For example, GME is down 51% in the last 24 hours, with the cryptocurrency trading at $0.01515, as of this writing.
AMC, on the other hand, traded at $0.004811, losing 61% over the same period.
KITTY, the memecoin inspired by Keith Gill’s account, also faced similar selling pressure. However, it was not as significant as the pressure seen by the other two altcoins.
In fact, CoinMarketCap data showed that the price of the altcoin dropped by “just” 18.5% in the last 24 hours. At the time of writing, the token was trading at $0.006843.
Source: CoinMarketCap