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Highlights
- Roaring Kitty's GameStop (GME) options plummet by over $350 million in the past four days.
- Wedbush analyst Michael Pachter remains skeptical about GameStop's potential.
- GameStop meme coin crashed by 25% with trading volumes dropping by an additional 47%.
Keith Gill, aka Roaring Kitty, the popular figure behind creating the GameStop frenzy, has reportedly seen $350 million in profits wiped out as the GME stock price cracks 50% in the last two days.
The GameStop Price Tanks 50%
After a massive frenzy earlier last week, the GameStop price has entered a steep correction in the last two trading sessions slipping by more than 50% from the Thursday levels and falling under $25.
In the past four days, Keith Gill, also known as The Roaring Kitty, has seen his GameStop (GME) position plummet by over $350 million. Just last Thursday, Gill was enjoying a $382 million profit from his GME options.
However, by Friday, his position had taken a significant hit, losing over $235 million. The decline continued on Monday, with GME slipping another 12% after dropping 40% just before the weekend. This price movement has wiped out nearly all of Gill’s recent gains, resulting in a loss of approximately $351 million in profit over the past week.
Michael Pachter, a GameStop analyst at Wedbush, expressed skepticism regarding the company’s potential for a meaningful turnaround following multiple failed strategies. Pachter also suggested that any boost GameStop received from Keith Gill’s involvement could be short-lived.
“We suspect that [Friday’s] live stream from influencer Keith Gill (Roaring Kitty) will keep shares elevated long enough to the company to complete its [at-the-market share offering], but with no clear strategy, we suspect the share price will once again begin to descend and approach our new price target,” Pachter said.
$GME Meme coin Drops 25%
Amid the GameStop frenzy in the market, meme coin GameStop ($GME), which has no direct resemblance to the GameStop firm, has rallied by nearly 5000% since the beginning of June.
However, as the excitement around GameStop fizzles out, the $GME meme coin has also dropped by 25% in the last 24 hours and is currently trading at $0.01596 with a market cap of $109 million. Besides, the daily trading volume has also dropped by 47% to $116 million.
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