tl;dr
GameStop-inspired memecoins GME, KITTY, and ROAR fell by as much as 31% during Roaring Kitty’s first livestream in years. GameStop’s NYSE-traded stock was down 40% at publication time. The memecoins saw significant drops during the livestream, with GME and ROAR falling around 24% and 31% respectivel...
GameStop-inspired memecoins GME, KITTY, and ROAR fell by as much as 31% during Roaring Kitty’s first livestream in years. GameStop’s NYSE-traded stock was down 40% at publication time.
A group of GameStop-inspired memecoins plunged as much as 31% on Friday, as meme stock darling "Roaring Kitty" live streamed for the first time in three years. Keith Gill — who catapulted to fame in 2021 for sparking a retail frenzy that sent the prices of stocks such as GameStop and AMC soaring — shared his GameStop positions in a schtick-filled 45-minute stream watched by more than 600,000 viewers.
By the end of the livestream, memecoins GME and ROAR fell roughly 24% and 31%, respectively, compared to their prices right before the event, CoinGecko price data shows. Meanwhile, KITTY price nosedived roughly 17% throughout the livestream. All three memecoins had surged higher in the triple digits in overnight trading. None of the memecoins are not officially affiliated with Roaring Kitty.
GME is a Solana-based memecoin that uses the same ticker symbol as GameStop's stock but has no official affiliation with the video game retailer.
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GameStop's NYSE-traded stock was down 40% at the time of publication. Critics contend the influencer's famous livestreams manipulated the stock market, violating federal securities law. Earlier this week, the Wall Street Journal reported E*Trade was considering telling Gill he can no longer use its platform after growing concerned about potential stock manipulation.
The crypto market as a whole was also under selling pressure Friday afternoon. Bitcoin was trading down 2.7% to $69,071.36.
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