The well-known person responsible for starting the GameStop craze, Keith Gill, also known as Roaring Kitty, has allegedly lost $350 million in gains in the previous two days as the price of the GME stock has dropped 50%.
The GameStop Discount Drops by 50%
Following a tremendous frenzy earlier in the week, the price of GME has experienced a sharp correction over the last two trading days, dropping below $25 and more than 50% from Thursday’s levels.
In the last four days, Keith Gill, popularly known as The Roaring Kitty, has lost nearly $350 million on his GME position. As of last Thursday, Gill was sitting pretty with a $382 million profit on his GME options.
But by Friday, he had lost more than $235 million, and his position had suffered greatly. Monday saw a further 12% reduction in GME, which had already dropped 40% just before the weekend. Gill has lost almost all of his recent gains due to this price shift, totaling a loss of over $351 million in profit in the last week.
Wedbush GameStop analyst Michael Pachter expressed doubts about the company’s ability to make a significant comeback after several unsuccessful attempts. Pachter hinted that GameStop could only see a little lift from Keith Gill’s involvement.
“We suspect that [Friday’s] live stream from influencer Keith Gill (Roaring Kitty) will keep shares elevated long enough to the company to complete its [at-the-market share offering], but with no clear strategy, we suspect the share price will once again begin to descend and approach our new price target,” Pachter said.
Meme currency $GME drops by 25%
Meme coin GameStop ($GME), which is not connected to the GameStop company, has surged by about 500% since the beginning of June during the market’s GameStop mania.
But as the enthusiasm surrounding GameStop wanes, the $GME meme coin has also experienced a 25% decline over the past day, closing at $0.01596 with a $109 million market capitalization. In addition, the daily trade volume has decreased to $116 million, a 47% decrease.
