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Meme Coins GME and Roaring Kitty Spike Amid GameStop Stock Decline

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$KITTY
$GME
The Block
547Words
May 17, 2024

$GME and Roaring $Kitty, two meme coins themed on the video game retailer GameStop, spiked in value even as GameStop's stock fell significantly. The $GME token saw a 10% increase to $0.007, while Roaring $Kitty surged 42% to $0.008. This comes amid a decline in GameStop's stock, which dropped about 20% to close at $22.22, down from over $64 earlier in the week. Despite sharing names, these meme coins have no direct connection to GameStop or Keith Gill (Roaring $Kitty), a key figure in the 2021 GameStop short squeeze. GameStop's preliminary first quarter earnings report showed a nearly 29% decrease in net sales compared to the previous year, with expected net losses between $27 million and $37 million. The company also announced plans to sell 45 million shares of common stock.

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