Is the GameStop craze already dead? 🪦

Shares are trading barely above last Friday's close, while the bull trader behind the surge is moping via memes.

Author

Andrew Hayward
May 17, 2024

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📝 What you need to know

GameStop’s surging share price and the sudden renewal of 2021’s meme stock craze was all the rage this week—and now it isn’t. GME plummeted early Friday as the buzz from bull trader Roaring Kitty’s apparent return fades, paired with plans from the gaming retailer to sell up to 45 million shares.

That news wasn’t broadly well received, it appears, and even the price of the unofficial GME meme coin on Solana has similarly fallen 69% from this week’s peak. Roaring Kitty has been sharing meme images and movie clips all week, but there’s been a clear vibe shift so far today. It’s a bummer now.

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