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Highlights
- GameStop (GME) meme stock's price plummets 20%.
- The price fall comes in tandem with a filing to sell 45 million shares.
- Will meme coins reflect the bearish sentiment?
In the follow-up of a phenomenal price rally witnessed by GameStop (GME) meme stock, the price has once again returned to a slump, causing a bustle across Wall Street. Similarly, the meme coin season showed signs of a fading momentum recently, piquing global attention.
This phenomenon has garnered significant attention across the globe, as meme-based investments recently emerged as the talk of the trading town. Nonetheless, meme stocks and meme coins have once again stirred speculations over their potential to offer investors gains.
GameStop (GME) Meme Stock Crashes, What’s The Scoop?
In an unprecedented move, GameStop recently said that it expects Q1 revenue to be $882 million, down from $1.23 billion in the same quarter last year. This has added a bearish tint to the meme stock’s trading journey.
Moreover, coming in tandem with the firm’s reduced revenue, GameStop also filed to sell up 45 million of its shares, entering into an open market sale pact with Jefferies LLC. The pact relates to the selloff of Class A common stock GME, per SEC’s Edgar filings dated May 17. This has further added to negative investor sentiments orbiting the meme stock.
GameStop (NYSE: GEM) was down 20.24% today and was standing at $22.07 at press time.
Meanwhile, as the abovementioned meme-themed investment product lost traction, the crypto realm’s meme-themed currencies also illustrated turbulent price actions. Let’s take a closer look at these meme tokens.
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Meme Coin Season Ending?
Following a remarkable buzz curated by meme coins amid the start of this year’s bull cycle, tokens such as DOGE, SHIB, and PEPE have now started a period of sideways trading, keeping crypto market traders and investors on their toes. The sudden rise and fall of meme stocks, as in the one mentioned above, has further sparked concerns over the highly volatile nature of these entertainment-themed investment products, whether in the crypto realm or regular markets.
Nonetheless, meme-based cryptos continue to glimmer hope, as a much-anticipated post-BTC halving rally has yet to kick in.
Meanwhile, PEPE traded at $0.00001019, up 3.63% in the past 24 hours. Dogecoin traded at $0.1528, jumping 1.30% over the past day. Lastly, SHIB rested at $0.00002486, springing 1.51% during the same.
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