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
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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?
