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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 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.
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