GameStop Price Crashes, Buy The Dip Or Sell GME? This Solana Meme Coin ICO Raises
Just over one week on from legendary GameStop investor Roaring Kitty’s abrupt return to social media for the first time since 2021, the GameStop (GME) price has crashed, with retail investors asking whether now might be the time to buy the dip or sell GME.
The GameStop price rallied as high as $65 last Tuesday but has since crashed back to $22.
That leaves it barely 20% above its levels from before Roaring Kitty’s return.
Roaring Kitty was a leading figure in the 2021 meme stock craze, during which time GME was a leading stock.
The 2021 meme stock craze was viewed by many as a retail investor-led movement against Wall Street hegemony.
Hopes remain high amongst retail investors that Roaring Kitty’s return could catalyze a new meme stock season.
US Presidential candidate Robert F Kennedy even announced on Monday that he had invested $24,000 in GME.
BREAKING: US Presidential candidate Robert F. Kennedy Jr announces he has bought shares of GameStop, $GME. pic.twitter.com/QblIrW6mMj
— The Kobeissi Letter (@KobeissiLetter) May 21, 2024
But macro conditions likely don’t warrant a repeat of 2021 meme stock mania.
The US government isn’t currently handing out stimulus cheques.
And while US equity markets are pushing on to new record highs, interest rates remain at multi-decade highs.
Recent years of inflation plus high interest rates have put a major squeeze on retail investor spending firepower.
Also, there is good reason to be bearish on the GameStop price. GME is an inflationary asset – the company last week announced a new stock sale.
What’s this? GameStop plans to sell 45,000,000 shares of GME (approx. $900M at current prices)? How convenient! They’re totally not trying to exit scam this pump or anything! They’re DECENTRALIZING the
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