- GME surged 1,500% post-Roaring Kitty’s post, showing high volatility.
Massachusetts regulator to probe Roaring Kitty’s GameStop trades.
As a researcher who has been closely following the memecoin market, I find the recent developments surrounding GameStop (GME) and Roaring Kitty particularly intriguing. The surge in GME’s value following Roaring Kitty’s post was nothing short of remarkable, with the stock price experiencing a mind-boggling increase of over 1,500%. However, the subsequent drop in value following E*Trade’s consideration to ban Roaring Kitty and the Massachusetts regulator’s plan to probe his trading activities has left many investors feeling frustrated.
I’ve observed a remarkable increase of more than threefold in the price of GameStop’s [GME] meme stock on June 3rd. However, over the past day, there has been a significant decline of approximately 25.27% for this stock.
The price surge can be traced back to Keith Gill, also known as Roaring Kaddy, but the subsequent decline was sparked by reports that E\*Trade was contemplating barring him from their platform, as mentioned in The Wall Street Journal.
According to reports, Massachusetts Secretary of State Bill Galvin, who serves as the state’s chief securities regulatory officer, intends to examine Gill’s stock trading actions as well.
The community is not happy!
Yet, some individuals expressed dissatisfaction with Gill’s ban, as pointed out by Quiver Quantitative from X user community.
“Over forty potentially questionable political stock transactions have been identified by us, yet no investigations have been initiated.”
Joining similar line of thoughts, another user Dave Portnoy expressed his aggression and said,
“E*Trade doesn’t want you to make money. E*Trade is the worst.”
The impact
In spite of GME‘s present slump, it saw an extraordinary surge of more than 1,500% after Roaring Kitty shared his post in May.
Based on AMBCrypto’s examination of current data, there has been a decrease in both the social media buzz and influence of the subject matter.
It’s worth noting that despite a decrease in GME‘s value by an unspecified amount over the past day, the memecoin sector as a whole experienced a growth of 4.3%, resulting in a market capitalization of approximately $68.7 billion according to CoinGecko’s latest data.
As a researcher studying the cryptocurrency market, I’ve noticed that major memecoins such as Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE], and Floki [FLOKI] have shown positive price movements in the last 24 hours. Specifically, their daily charts are adorned with green candlesticks, indicating a bullish trend. Moreover, some of these coins have even recorded gains exceeding 20%.
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2024-06-05 17:12