Memecoins
GameStop (GME) Price Drops 20%, Is Meme Coin Frenzy Over?
Following a phenomenal rise in prices witnessed by GameStop (GME) meme stock., the price fell once again, causing an uproar across Wall Street. Likewise, the meme coin season has recently shown signs of weakening momentum, attracting global attention.
This phenomenon has attracted considerable attention around the world, as meme-based investing has recently emerged as a topic of discussion in commercial cities. However, meme stocks and coins have once again sparked speculation about their potential to deliver gains to investors.
GameStop (GME) Meme Stock Slumps, What’s the Scoop?
In an unprecedented move, GameStop recently said it expects first-quarter revenue to be $882 million, down from $1.23 billion in the same quarter last year. This added a bearish tinge to the trading path of meme stocks.
Additionally, in conjunction with the company’s declining revenue, GameStop also filed to sell 45 million shares, entering into an open market sales pact with Jefferies LLC. The agreement concerns the sale of GME Class A ordinary sharesaccording to SEC Edgar filings dated May 17. This further strengthened the negative sentiments of investors orbiting the meme stock.
GameStop (NYSE:GEM) fell 20.24% today and was trading at $22.07 at the time of writing.
Meanwhile, as the aforementioned meme-themed investment product has lost popularity, meme-themed currencies from the cryptocurrency realm have also exhibited turbulent price movements. Let’s take a closer look at these meme tokens.
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End of meme coin season?
After the notable interest sparked by meme coins during the start of this year’s bull cycle, tokens such as DOGE, SHIB and PEPE have now begun a period of sideways trading, keeping cryptocurrency market traders and investors on their toes. The sudden rise and fall of meme stocks, like the one mentioned above, has further sparked concerns about the highly volatile nature of these entertainment-themed investment products, both in the cryptocurrency realm and in regular markets.
Nonetheless, meme-based cryptocurrencies continue to spark hope, as BTC’s highly anticipated post-halving rally has yet to take hold.
In the meantime, PEPPER trading at $0.00001019, up 3.63% in the last 24 hours. Dogemoneta it traded at $0.1528, up 1.30% over the past day. Lastly, SHIB it settled at $0.00002486, up 1.51%.
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