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GameStop’s decline hits memecoins as GME, KITTY, AMC see red

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Following a disappointing earnings call, GameStop’s stock price declined. Memecoins weren’t happy either.

KITTY

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  • 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 crypto market. The recent performances of GME-related memecoins is a case in point, with each of these cryptos recording significant volatility on the charts.

What is happening with GME?

Keith Gill, the internet investor better known by his online handle Roaring Kitty, made a much-anticipated return to the spotlight on Friday after a years-long hiatus. However, his comeback livestream wasn’t met with the celebratory surge some expected.

GameStop’s stock price had already taken a nosedive that morning after the company released a disappointing earnings report and announced a significant new share offering. This negative news overshadowed Gill’s return, and the stock continued to slide throughout his livestream even as he presented his bullish long-term outlook on the company.

By the day’s end, GameStop shares were down a staggering 40%.

The impact wasn’t confined to traditional markets either. A memecoin inspired by GameStop, GME, also saw a wild ride. Its price skyrocketed by nearly 100% in a single day, before crashing back down by 50% within hours.

Despite the reversal, GME still ended the week significantly higher than it began. Gill’s return to social media last month, after a three-year silence, reignited the speculative frenzy surrounding GameStop, with the meme stock craze even spilling over into the cryptocurrency world.

Source: X

Not all memecoins see corrections!

After surging significantly following Roaring Kitty’s comeback, the memecoins GME, KITTY and even AMC surged. However, on the back of the market’s latest depreciation, memecoins saw much of their value disappear too. For example, GME declined by 51% over the last 24 hours, with the crypto trading at $0.01515, at the time of writing.

AMC, on the other hand, was trading at $0.004811, having fallen by 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’s data revealed that the price of the altcoin fell by ‘just’ 18.5% in the last 24 hours. At the time of writing, the token was trading at $0.006843.

Source: CoinMarketCap

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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