GameStop Stock Plunges Further: The Impact of Meme Stock Momentum on GME 📉
GameStop’s stock price finished another week down, exacerbating the video game retailer’s recent losses as the latest round of meme stock momentum—triggered by influencer and trader Keith Gill, aka Roaring Kitty—continues to lose steam.
The Continued Decline of GameStop stock ⬇️
- Shares of GME dipped more than 3% over the course of the last week
- The price was at $24.18 when markets closed on Friday
- This marks a total stock price plunge of over 23% since June 5
Keith Gill: Triggering Price Spikes and Fading Momentum 📉
- Keith Gill triggered a pair of price spikes in May and June
- He returned to online posting after three years of silence
- Gill boosted his GME holding to about 9 million shares in early June
- However, he has been increasingly quiet on GameStop since then
Gill’s Shift to Chewy: A New Focus 🐶
- Gill pivoted his focus to online pet supplies retailer Chewy
- His tweet of a cartoon dog illustration pumped the prices of Chewy and other pet stocks
- Days later, Gill revealed that he had purchased approximately 9 million shares of Chewy
The Influence of Meme Stocks and Prominent Traders 💼
- Meme stocks are driven by engagement, especially with prominent influencers like Roaring Kitty
- Gill’s absence has coincided with a dip in the price of GameStop
- Investors are eager to see if Gill will return in July for another GameStop boost
Hot Take: What’s Next for GameStop and Meme Stocks? 🚀
As GameStop’s price continues to decline and Roaring Kitty remains silent, the future of meme stocks like GME hangs in a delicate balance. Will influencer-driven momentum return, or is this the beginning of a new chapter for these volatile investments?
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