GameStop

Roaring Kitty

GmeStop

Kitty

<p>Keith Gill, aka Roaring Kitty, the popular figure behind creating the GameStop frenzy, has reportedly seen $350 million in profits wiped out as the <a href="https://coingape.com/news/stocks/gamestop-gme-stock-price-braces-for-fall-as-75m-shares-selloff-looms/" target="_blank" rel="noopener">GME stock price</a> cracks 50% in the last two days.</p> 
<h3 id="the-gamestop-price-tanks-50">The GameStop Price Tanks 50%</h3> 
<p>After a massive frenzy earlier last week, the GameStop price has entered a steep correction in the last two trading sessions slipping by more than 50% from the Thursday levels and falling under $25.</p> 
<p>In the past four days, Keith Gill, also known as <a href="https://coingape.com/gamestop-jumps-300-as-roaring-kitty-takes-huge-gme-call-options/" target="_blank" rel="noopener">The Roaring Kitty</a>, has seen his GameStop (GME) position plummet by over $350 million. Just last Thursday, Gill was enjoying a $382 million profit from his GME options.</p> 
<p>However, by Friday, his position had taken a significant hit, losing over $235 million. The decline continued on Monday, with GME slipping another 12% after dropping 40% just before the weekend. This price movement has wiped out nearly all of Gill’s recent gains, resulting in a loss of approximately $351 million in profit over the past week.</p> 
<p>Michael Pachter, a GameStop analyst at Wedbush, expressed skepticism regarding the company’s potential for a meaningful turnaround following multiple failed strategies. Pachter also suggested that any boost GameStop received from Keith Gill’s involvement could be short-lived.</p> 
<blockquote>
 <p>“We suspect that [Friday’s] live stream from influencer Keith Gill (Roaring Kitty) will keep shares elevated long enough to the company to complete its [at-the-market share offering], but with no clear strategy, we suspect the share price will once again begin to descend and approach our new price target,” Pachter <a href="https://www.cnbc.com/2024/06/10/gamestop-shares-slide-16percent-following-fridays-40percent-sell-off.html" target="_blank" rel="noopener">said</a>.</p>
</blockquote> 
<h3 id="gme-meme-coin-drops-25">$GME Meme coin Drops 25%</h3> 
<p>Amid the GameStop frenzy in the market, meme coin GameStop ($GME), which has no direct resemblance to the GameStop firm, has rallied by nearly 5000% since the beginning of June.</p> 
<p>However, as the excitement around GameStop fizzles out, the $GME meme coin has also dropped by 25% in the last 24 hours and is currently trading at $0.01596 with a market cap of $109 million. Besides, the daily trading volume has also dropped by 47% to $116 million.</p> 
<p>The post <a href="https://coingape.com/roaring-kitty-loses-350-million-in-profits-as-gamestop-tanks-over-50-in-two-days/">Roaring Kitty Loses $350 Million In Profits As GameStop Tanks Over 50% In Two Days</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Roaring Kitty Loses $350 Million In Profits As GameStop Tanks Over 50% In Two Days

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