As a researcher with experience in the cryptocurrency market, I have closely followed the developments surrounding Roaring Kitty, also known as Keith Gill, and his impact on the Gamestop price. The recent re-emergence of Roaring Kitty led to a significant surge in the Gamestop stock prices, which in turn affected the value of the associated crypto token.
Keith Gill, also known as Roaring Kitty, played a significant role in the meme stock craze of 2021 and has resurfaced once more. After being absent from social media since the previous year, he recently disclosed his Gamestop holdings, leading to a considerable increase in the stock’s price. This surge extended to the Gamestop crypto as well, causing its value to soar dramatically.
On Friday, a lawsuit was filed alleging that Keith engaged in manipulative practices, specifically pump and dump schemes, which affected the price of Gamestop stocks. However, by Monday, the investors behind this lawsuit chose to withdraw it without providing any reason. The court records hint at the possibility of refiling this lawsuit at a later date. In this blog post, we will explore the current turmoil surrounding the Gamestop crypto token’s price and discuss the prospects for its recovery in the near future.
Analyzing The Gamestop (GME) Price History
The price of GameStop remained relatively unchanged following the lawsuit news on June 28. However, the repercussions are clear now as the stock has plummeted over 18% in just one day. Prior to this event, the price had been volatile with frequent fluctuations characteristic of this meme stock.
Currently, the Gamestop stock is priced at $0.00705. This represents a decline from its previous price of $0.00994 on June 28. For several weeks now, the stock has been moving horizontally following its all-time high of $0.03207, which it reached just 25 days earlier. The surge in value was fueled by the return of Roaring Kitty, resulting in a significant increase in this meme coin’s worth. However, this upward trend did not persist and the price has since dropped approximately 78% from its all-time high.
Although GME has achieved significant height in the charts and boasts a large fan base, its profits have only amounted to 27% since its debut, leaving investors apprehensive about its potential future success.
Will Gamestop Price Recover?
In summary, Gamestop’s position is strong with sellers cashing out on this meme stock. Despite investors dropping the lawsuit, there’s a chance it may resurface. Moreover, the public’s discovery of Roaring Kitty’s role in the 2021 stock frenzy adds another layer of caution when dealing with this asset.
The apprehensions are more pronounced regarding Gamestop’s stock price given that the meme coin does not affect the video game retailer’s business. Furthermore, the Relative Strength Index signifies a neutral position, suggesting the persistence of the current flat trend. Notably, Gamestop’s value has yet to experience significant upward spikes since its all-time high, making it an unfavorable scenario for potential substantial gains. Consequently, the likelihood of further profits is diminished.
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2024-07-02 10:45