As a seasoned crypto investor with a few battles scarred on my trading journey, I can’t help but feel both amazement and apprehension as I watch the latest GameStop (GME) saga unfold. The sheer volatility of this stock has once again taken center stage, with Keith Gill’s memes seemingly holding the reins.
As a researcher studying the financial markets, I’ve noticed an intriguing development with GameStop (NASDAQ: GME) following the excitement of last year. Keith Gill, the well-known figure behind the infamous GME short squeeze, has recently resumed posting memes online. In just the past two trading sessions, the GME stock price has nearly tripled, reaching 48.75 by Tuesday’s close, and adding an extra 60% in value. The momentum didn’t stop there, as in aftermarket hours, the stock has already rallied an additional 25%, surpassing the $60 mark.
GameStop Price Rally Irks Jay Clayton
As an analyst, I can rephrase that statement as follows: Over the past two days, short sellers have incurred losses exceeding $5 billion due to the remarkable price surge of GameStop (GME). This development has sparked reactions from various corners of Wall Street and caused frustration among some regulatory leaders.
BREAKING: Short sellers of $GME and $AMC are down $3.5 billion today.
This puts 2-day short seller losses at $5 billion.
— The Kobeissi Letter (@KobeissiLetter) May 14, 2024
Ex-SEC Chairman Jay Clayton expresses displeasure towards Keith Gill, also known as The Roaring Kitty online, over his sharing of memes during the volatile period of $GME‘s surge. According to Clayton, such actions may be considered illegal.
Clayton expressed that since Gill was allegedly using his own confidential information for trading, it didn’t necessarily equate to insider trading according to the law. Yet, during his CNBC interview, he posed the question, “Is this something we should allow in our financial markets?”
The SEC chair, Gary Gensler, responded to the CNBC host’s inquiry about whether posting memes amounts to market manipulation by saying, “Typically, no.” He further explained, “If Roaring Kitty is so passionate about the stocks he favors, why not openly discuss them on CNBC instead of sharing memes? We must consider if such actions are lawful.”
As a researcher studying securities regulation, I would argue that former SEC Chair Jay Clayton’s perspective is that it may be inappropriate or even potentially illegal for an individual like @TheRoaringKitty to post memes online that could be perceived as manipulating the price of $GME through social media. The SEC has historically taken a firm stance against market manipulation, and such actions could potentially violate securities laws if they are found to be intentionally misleading or deceitful.
They’re having a fucking meltdown.
Where was the concern when Jamie Dimon called #Bitcoin a scam but was scalping trading fees?
— The ₿itcoin Therapist (@TheBTCTherapist) May 15, 2024
Smart Trader Mints 0.5 Million in $GME, In Just Two Days
As a researcher, I’ve observed an extraordinary surge in value for both GameStop’s stock and its Solana-based meme coin, GameStop ($GME). In just the past two days, $GME has experienced a remarkable increase of over 4100%. At this moment, the coin is trading at $0.0213, representing an impressive 82% gain. Shrewd market traders are capitalizing on this opportunity to maximize their profits.
As a crypto investor, I’m always on the lookout for valuable insights from reliable sources. According to LookonChain data, within a mere 48 hours, a skilled trader managed to amass an impressive $576K profit from investing in $GME. This trader, who might be following @TheRoaringKitty, swiftly recognized the trading opportunity just 8 minutes after his post. Leaping into action, I invested $29K worth of $SOL (approximately 200 units) and acquired an astounding 43.86 million units of $GME.
As a researcher studying trading strategies, I followed a price surge and sold 6.12 $GME for 400 $SOL, pocketing a profitable gain of 200 $SOL from the transaction. Adhering to my risk management plan, I made sure to preserve my initial investment. When $GME’s price dipped, I put my realized profit of $200 into buying 4.14M more $GME at a lower price point. Just five hours later, I sold off 11.88M $GME for 1,358 $SOL, maintaining my position with a total of 30M $GME in hand.
This smart trader made $576K on $GME in less than 2 days!
As a researcher studying market trends, I came across an intriguing observation from a trader who follows @TheRoaringKitty. Approximately eight minutes after this influential figure shared a potential trading opportunity on Twitter, I made a move and invested $29,000 worth of $SOL into purchasing around 43.86 million shares of $GME.
After the price increased, he sold 6.12 $GME for 400…
— Lookonchain (@lookonchain) May 14, 2024
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2024-05-15 11:44