{"id":22549,"date":"2024-06-11T17:30:56","date_gmt":"2024-06-11T14:30:56","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22549"},"modified":"2024-06-11T15:07:51","modified_gmt":"2024-06-11T12:07:51","slug":"memecoins-losing-after-gamestop-rally-ends","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/memecoins-losing-after-gamestop-rally-ends\/","title":{"rendered":"Memecoins Losing After GameStop Rally Ends"},"content":{"rendered":"

There is a harsh selling wave in the meme<\/a> industry, GameStop<\/a> losses reached up to 60%. While the meme token, a parody of the Solana-based company, dropped 25% in the last 24 hours, other meme tokens also experienced serious losses.<\/p>\n

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.<\/p>\n

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.
\nRelated 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.<\/p>\n

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 \u201cDeepF*uckingValue,\u201d was a key figure in the 2021 stock squeeze rally.<\/p>\n

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 \u2013 negatively impacting investor sentiment.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There is a harsh selling wave in the meme industry, GameStop losses reached up to 60%. While the meme token, a parody of the Solana-based company, dropped 25% in the last 24 hours, other meme tokens also experienced serious losses. Double-digit losses in GameStop (GME) shares negatively impacted meme tokens. Meme tokens GME and KITTY<\/p>\n","protected":false},"author":6,"featured_media":9793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[3618,6130,1332,4618],"class_list":["post-22549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","tag-gamestop","tag-gamestop-memecoins","tag-memecoin","tag-memecoins"],"yoast_head":"\nMemecoins Losing After GameStop Rally Ends - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/memecoins-losing-after-gamestop-rally-ends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Memecoins Losing After GameStop Rally Ends - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"There is a harsh selling wave in the meme industry, GameStop losses reached up to 60%. 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