GameStop Plummets by 30%: Is the GME Cryptocurrency Rally Coming to a Halt?

  • GameStop stock (GME) experiences a 30% crash, erasing a significant portion of its recent rally.
  • The stock’s surge was triggered by the apparent online return of Keith Gill, the influencer behind GME’s Reddit-fueled short squeeze in 2021.
  • Other meme stocks and assets associated with Gill have also seen a decline, while Floki Inu (FLOKI) leads the meme coin pack with a 17% gain.

GameStop stock crashes after a spectacular rally, triggered by the return of influencer Keith Gill. Other meme stocks and assets also see a decline, while Floki Inu leads the meme coin pack.

GameStop Stock Crashes Following Remarkable Rally

After two days of significant gains, GameStop stock (GME) crashed by 30% in the market’s opening minutes on Wednesday, dropping to $34.12. This decline erased a substantial portion of the stock’s recent rally, which began when Keith Gill, also known as Roaring Kitty, appeared to return online after years of silence.

Impact on Other Meme Stocks and Assets

Gill’s return also influenced other assets related to his previous exploits, although these effects seem to be waning. AMC, another meme stock once favored by Gill, is also down by 30% today, standing at $4.82 at the time of writing. GME, a Solana meme coin inspired by the GameStop short squeeze saga, is down by 23.9% in the last 24 hours, after reaching an all-time high yesterday.

Floki Inu Leads the Meme Coin Pack

In contrast to the decline in meme stocks, Floki Inu (FLOKI), a token inspired by Elon Musk’s pet Shiba Inu dog, has been leading the meme coin pack. The token showed 24-hour gains of 17%, according to CoinGecko data. This is particularly interesting given that some of Gill’s recent messages included a video stating “the dog days are over.”

Conclusion

The recent crash in GameStop stock and other meme assets highlights the volatile nature of these investments. However, the rise of Floki Inu demonstrates that the meme coin market continues to thrive. Investors should remain vigilant and informed about these rapid market shifts.

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Merritt Vale
Merritt Valehttps://en.coinotag.com/
Merritt Vale is a 24-year-old woman who has a strong affinity for the Dogecoin community and has a particular love for the altcoin Shiba. With a passion for understanding the latest trends and developments in the cryptocurrency industry, Merritt provides fresh perspectives and valuable insights to her readers.
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