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GameStop Tumbles 40% as Trading Icon Roaring Kitty Returns to Livestream
Solana-based meme token GME is down 50% from earlier Friday, but remains sharply higher for the week
Updated Jun 7, 2024, 5:19 p.m. Published Jun 7, 2024, 5:15 p.m.
Retail trading legend Keith Gill, otherwise known as Roaring Kitty or DeepF*ckingValue aliases on social media, returned to his livesteam for the first time in several years on Friday.
Prior to the livestream, GameStop (GME) shares tumbled 25% in the morning hours of the Friday session after the company rushed out a first quarter earnings report and a 75 million share offering in wake of the large run higher in the stock this week.
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Shares continued lower during Gill's appearance as he attempted to lay out his long-term bull case on GameStop. They're currently lower by 40% for the day.
Solana-based meme token GME, which was inspired by the company but has no affiliation with it, almost doubled in price in less than a day before sharply paring gains on Friday. At press time it was down 50% over the preceding few hours, though still higher by more than three-fold this week.
Gill returned to social media last month after three years of silence, unleashing a speculative frenzy for GameStop that spilled over to the memecoin market with multiple opportunistic tokens launching on the Solana blockchain.
Thursday, Gill revealed in a Reddit post that his stock and options position was worth $586 million at the time.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
O que saber:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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