Shares of GameStop plummeted nearly 40% following the announcement of a substantial stock sale intended to raise up to $3 billion. This development coincided with a rare livestream from Keith Gill, famously known as “Roaring Kitty,” who played a pivotal role in the 2021 meme stock frenzy.
Gill’s broadcast, his first in three years, attracted significant attention and also notably impacted the crypto market, particularly meme coins.
Roaring Kitty Stream Impacts Meme Coin Prices
In tandem with the stock market reaction, meme coins experienced a significant decline. Dogecoin (DOGE) fell by 7.4%, Shiba Inu (SHIB) by 6.4%, and Pepe (PEPE) by a notable 10.7%. Other meme coins, including Dogewhifhat (WIF) and Floki (FLOKI), each dropped by 12.7%, while Bonk (BONK) declined by 10.3%.
Gill’s livestream drew over 600,000 viewers at its peak, according to YouTube metrics. During the broadcast, he expressed confidence in GameStop CEO Ryan Cohen’s ability to revitalize the business and disclosed his GME position.
“What can I say about GameStop? I mean, the funny thing is that I have a lot of the same feelings about everything. They’re in the transformation stage here… I feel like I see enough. I believe [CEO Ryan Cohen] might be able to do it,” Gill said.
However, Gill cautioned his audience about the risks associated with his aggressive investment style, warning that followers could potentially “lose it all.”
“It remains to be seen. You should keep your eye on stuff, too, reserve the right to change your mind just like I do. Don’t follow anyone blindly,” Gill oncluded.
Read more: 11 Top Solana Meme Coins to Watch in June 2024
During Friday’s trading session, GameStop shares were halted multiple times, reflecting the intense volatility. Investors exchanged over $8 billion worth of GameStop shares by early afternoon, making it the second most traded stock on Wall Street, behind Nvidia, according to LSEG data.
Before the live stream, GameStop shares had surged 50% on June 6 after Roaring Kitty teased the broadcast on YouTube. The anticipation and market activity spilled over to the crypto markets, with meme coins like Brett (BRETT) and GME Token (GME) rising 27.88% and 138.74%, respectively, on that day.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Gill’s livestream and the resultant market movements were a reminder of the unpredictable nature of meme stocks and meme coins, emphasizing the need for cautious and informed investing.
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