GameStop Falls 30%, Other Meme Coins Affected?

Bittime - GameStop's share priceplunges 30% after a rally fueled by the return of influencer Roaring Kitty . The article discusses the impact on other meme coins and the new star that emerged, Floki Inu. 

GameStop Share Price Plummets

After two days of unexpectedly spectacular gains, GameStop shares appear to have finally fallen back to reality. On Wednesday, GameStop (GME) stock prices plunged approximately 30% in the opening minutes of trading, to $34.12 at the time of writing.

The decline wiped out most of the extraordinary gains the stock enjoyed this week. The bull run began on Sunday when Keith Gill, aka Roaring Kitty — the meme stock influencer best known for his role in the Reddit-fueled GameStop short squeeze in 2021 — appeared to be back on social media after years of absence.

Also read: Xai Moves Forward: Branding and New Website Mark the Era of Innovation 

However, today's decline has not completely erased all of GME's recent gains. The Nasdaq Stock Exchange has even automatically halted GME trading six times before 11 a.m. EST, according to NasdaqTrader.

The Impact of Roaring Kitty's Return

Before Roaring Kitty's return, on Friday, GameStop closed at $17.39. The influencer's reappearance sent the share price up to $64.83 yesterday - an almost 4x increase from last week's close. This rise may not be unusual in the crypto world, but it is highly unusual on Wall Street.

Check Today's Crypto Market:

Some lucky traders may have made millions thanks to GameStop's volatile ride - assuming they held on long enough and managed to sell their shares at the right time. A trader who invested $27,000 in a GME buy contract on April 24 that expired on Friday could have made an estimated profit of $2 million on the trade.

Also Read How To Buy Crypto:

The return of Roaring Kitty (the influencer has only posted GIFs and memes on Gill's Twitter account, and has not officially verified her identity) has also raised other assets tied to her previous exploits - although that appeal also appears to be waning.

Also read: DonAlt, Veteran Analyst, Predicts the Peak of the Market Cycle and the Decline of Meme Coin

Impact on Other Meme Coins

AMC, another meme stock that has surged amid the craziness of 2021, is also down 30% today, at $4.82 at the time of writing (the stock briefly hit $11.90 on Tuesday). And GME, Solana's meme coin inspired by the GameStop short squeeze saga, fell 23.9% in the last 24 hours, after surging yesterday to an all-time high.

Floki Inu: Meme Coin's New Star?

Today, Floki Inu (FLOKI) is the leader among other meme coins. According to CoinGecko data, the token inspired by Elon Musk's pet Shiba Inu dog showed a 17% increase in the previous 24 hours. This is an interesting result because some of the messages sent by Gill in recent days include a video saying "the dog days are over."

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

What is Panda Swap ($PANDA)? DEX Flagship Token on the Solana Network

What is an Uptrend in Crypto Trading?

ONDO Price: $1 Just an Initial Target? Will it Soar to $2.8?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.