Double-digit losses in GameStop (GME) shares negatively impacted meme tokens. Meme tokens GME and KITTY fell 25% and 10% respectively. The controversial GameStop (GME) stock rally ended the US trading session with a 12% loss on Monday, following a 40% drop on Friday, dragging down some meme tokens that mirrored the stock’s moves.

GME closed trading at $24.89 on Monday, down 62% from last Thursday’s two-year high of $61. Meanwhile, GME, the Solana-based meme token parodying the company, fell 25%, reversing a rally of over 200% in the past seven days.
Related tokens like Roaring Kitty (KITTY) and some cat-themed tokens that previously moved with GME stock lost at least 10% on average, according to data tracked by CoinGecko.

Dog-themed tokens Doge (DOGE), Shiba Inu (SHIB) and Floki (FLOKI) have lost value since last week, falling between 4% and 10%. The stock has been choppy since late May following retail investor and GME bull Keith Gill’s first comeback since 2021. Gill, known by the nicknames @TheRoaring Kitty and “DeepF*uckingValue,” was a key figure in the 2021 stock squeeze rally.

Last week, Gill showed off a $580 million GME stock and options position, pushing up the price of the stock and potentially moving towards a billion-dollar exposure position. However, the gains were wiped out when the company sold 45 million shares, raising $933 million, then announced it would sell an additional 75 million shares and announced that its quarterly sales had fallen – negatively impacting investor sentiment.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Memecoins Losing After GameStop Rally Ends appeared first on Coin Engineer.

Massive Price Increases

GameStop, based in Solana, developed the memecoin (GME), which rose by 2,727% in two days despite not being associated with the company. GameStop’s stock price is experiencing an extreme increase, mirroring the soaring price of 204. According to CoinMarketCap and Google Finance data, this currency had a 50% share among the top ten traded currencies during the same period.

Catalyst for the Surge

This wave came after the famous GameStop stock trader Keith Gill, who has been absent from his “Roaring Kitty” X account for almost three years, posted for the first time on May 12. His enigmatic gaming meme of a player sitting up in their chair sparked a resurgence of enthusiasm.

Market Trends and Reactions

Other cryptocurrencies, such as PEPE and Floki (FLOKI), were also up by 35, so they saw the gains too. 73% and 11.27%, respectively. Nevertheless, DOGE and Shiba Inu (SHIBA) had short bursts of gains on May 12, but then went in reverse on May 13. 76% and 39% of investors attribute this to their overreaction to short-term trends such as the GameStop phenomenon, given the current quiet market conditions. An investor from Tyr Capital, Ed Hindi, made the following comment: “Investors are overreacting to short-term trends like the GameStop event because the market is currently quiet, so we need a correction.”

Market Sentiment

The general market mood has declined over the past 30 days, and as of May 15, the Fear and Greed Index, which measures “greed,” has dropped by 10 points to 64. Daan Crypto Trades stated that the GameStop price surge validated related memecoins with a high chance of a price surge, providing traders with proof. Additionally, game-related towns are mentioned.

The post Unofficial GameStop Memecoins Surge Amid Market Sluggishness appeared first on Coin Engineer.