As a seasoned crypto investor with a knack for spotting hidden gems and navigating market crashes, I must admit that the recent surge of Gamestop (GME) has caught my attention. Having closely followed the saga of Roaring Kitty and his influence on GME stock, it’s fascinating to see this phenomenon extend to its crypto counterpart.
Previous reports from Coingape indicated that the crypto market slump today was triggered by the plunge in Bitcoin‘s value to $53K. This downward trend was mirrored by other altcoins due to heightened anxiety among investors. The main cause for this is the unexpectedly low US Job report figures. Additionally, historically, September has been a challenging month for Bitcoin’s growth. Over the past few days, the crypto market has generally seen a decline, except for Gamestop (GME), whose price has surged by over 95% in the last 24 hours, making it a standout performer amidst the market downturn.
Roaring Kitty Influenced the Gamestop Price After Months
Despite there being no direct link between Keith Gill (also known as Roaring Kitty) or his influence and the GameStop stock, the price of the unrelated cryptocurrency seems to surge whenever he becomes active. This pattern persists even now.
Recently, following a two-month absence from the internet, Keith Gill reappeared. In a straightforward post, he shared a scene from Toy Story 2, where Andy discards Woody by saying, “I don’t want to play with you anymore.” Financial experts have suggested that this post might signify Keith’s decision to withdraw his backing from Chewy Stocks, which he previously endorsed.
In this post, it’s crucial to note that there was no association with Gamestop itself, but the GME stock still skyrocketed by 8.2% in just 11 minutes after the tweet. Additionally, the price of the Gamestop crypto token experienced a significant increase as well, rising from $0.002728 to $0.004676 within half an hour. This surge didn’t slow down and eventually peaked at $0.005512 just a few hours ago.
Today’s Gamestop price has peaked the highest for the month, standing at $0.005293 following a remarkable 97% increase in just 24 hours. This surge has also boosted its market capitalization to $36,443,257, thanks to a trading volume explosion of $49,580,435, an increase of $426%. However, it’s important to note that this growth is still far from the all-time high peak of $0.03207, which was reached three months ago.
Is Gamestop The Hidden Gem Of Market Crash?
In February 2024, the GameStop digital token debuted, quickly gaining popularity among investors. The value of GME skyrocketed to $0.01082 initially but soon started a decline that persisted for about four months. However, when Roaring Kitting reemerged online, he made an appearance on X platform after many years and tweeted positively about GameStop shares. This endorsement significantly increased the value of the GME cryptocurrency token to its all-time high (ATH).
At that point in time, it’s crucial to note that the crypto market wasn’t particularly beneficial, given its steady shift towards bearish trends daily. However, amidst this unfavorable climate, meme coins such as GME and PEPE garnered significant attention due to their continuous growth spree.
Today, even amidst the general downtrend affecting most cryptocurrencies, the price of Gamestop has experienced a substantial surge, making it a potential standout within the context of a market slump that some may view as a hidden gem. Intriguingly, among the ongoing battles between meme coins such as Gamestop and Floki, choosing Gamestop could prove profitable in a falling market.
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2024-09-08 02:32