GameStop (GME) Erases MTD Gains Amid Roaring Kitty’s Hibernation

Godfrey Benjamin
June 26, 2024 Updated February 19, 2025
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Highlights

  • GameStop has maintained its losing streak with gains over the past month now cleared
  • This losses is deepening owing to the absence of Roaring Kitty
  • GameStop is in major ideological transition with hopes this will help its resilience

Roaring Kitty’s new round of silence is causing the GameStop (GME) ecosystem too much loss at this time.

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GME Price Continues to Drop

GameStop’s stock price has plunged significantly in the last few weeks fueled by the absence of famed trader and influencer Keith Gill. For those known of social circles, Gill is better known as Roaring Kitty. The dip got worse recently when the stock lost the last part of its gains over the past month.

According to Yahoo Finance, GME was trading at $23.09 at the time of this writing. Markedly, the stock is almost down by 3% from Monday’s closing price and 7% over the past week. Also, this latest loss has GameStop stock at a monthly dip of just over 3% representing approximately $0.75.

This is a shocking pivot for the stock considering how high it flew as of three weeks ago.

In early June, GameStop stock registered a monthly high of $46.55. This was around the time Gill revealed that he had acquired a position in the stock worth almost $600 million. The GME stock price saw a remarkable 47.45% increase in a single day, closing the trading session at $46.55 on June 6. Conversely, the Solana-based meme coin GME experienced a surge of 118%.

A few days after, Gill announced a loss of $350 million in profits as the GameStop stock price dropped by 50% within two days. In the days that followed, the stock saw more losses from the gain it initially recorded.

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GameStop to Pivot to Smaller Network 

More recently, Ryan Cohen, GameStop CEO informed investors that his focus for the gaming company is to achieve profitability. Hence, he hinted at a pivot to operate smaller networks of stores nationwide.

The unexpected announcement caused the value of the stock to plunge further. GameStop shares went down by 13.4% and traded at $24.86. Assuming the stock price continued to climb and reached as high as $65, GME bull’s holdings could have been worth $1 billion. Unfortunately, this was not the case.

Noteworthy, Gill ultimately exercised some of his GME option to boost his holding of shares from 5 million to just over 9 million. This would have been worth some $206 million as of this writing. There were widely spread rumors that Gill would join GameStop’s board but this was dashed last week when the shareholders meeting delayed. The delay was due to high trader demand on the game streaming platform.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.