GME, the Roaring Kitty memecoin, soars as the gaming retailer’s stock falls.
GME and Roaring Kitty, two memecoins themed around video game retailer GameStop, have surged over the past day as the company’s stock price has fallen.
According to cryptocurrency price tracker CoinGecko, the value of the GME token is $0.007 as of 4:30 PM (UTC 20:30) May 17, up about 10% over the past 24 hours. Conversely, shares of the GameStop company fell about 20%, closing Friday’s session at $22.22, according to Yahoo Finance. GameStop shares were trading above $64 at one point earlier this week.
memecoin is not connected to GameStop despite sharing the same ticker symbol.
Additionally, Roaring Kitty has surged 42% over the past day, reaching $0.008 as of 4:28 PM ET (20:38 UTC) on May 17, according to CoinGecko data.
Roaring Kitty is the social media account of Keith Gill, a former financial analyst and trader. The subreddit r/WallStreetBets and Gill have both been heavily featured in GameStop shorting in 2021, with the company’s stock price surging more than 1,000%.
Like the GME memecoin, the Roaring Kitty token has nothing to do with Keith Gill or his account.
The memecoin named Roaring Kitty surged 460% to $0.17 on May 14 after Keith Gill posted it for the first time in nearly three years earlier this week.
GameStop’s Q1 Results
GameStop posted key results in its first-quarter earnings report on a preliminary basis for the period ending May 4, the company said Friday.
The company said it estimates preliminary net sales for the first quarter of 2024 to be between $872 million and $892 million, which is nearly 29% lower than the $1.237 billion it earned in the previous fiscal year. Net loss for the same period is expected to be $27 million to $37 million, compared to $50.5 million in the previous fiscal year.
GameStop also said it expects to have between $1.073 billion and $1.093 billion in cash, cash equivalents and marketable securities, down from $1.31 billion last year.
Also on Friday, GameStop filed with the U.S. Securities and Exchange Commission to sell 45 million shares of its common stock to investment bank Jefferies.
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