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GameStop Tumbles 40% as Trading Icon Roaring Kitty Returns to Livestream

Solana-based meme token GME is down 50% from earlier Friday, but remains sharply higher for the week

Updated Jun 7, 2024, 5:19 p.m. Published Jun 7, 2024, 5:15 p.m.

Keith Gill, a.k.a Roaring Kitty, returned to Youtube (Youtube)

Retail trading legend Keith Gill, otherwise known as Roaring Kitty or DeepF*ckingValue aliases on social media, returned to his livesteam for the first time in several years on Friday.

Prior to the livestream, GameStop (GME) shares tumbled 25% in the morning hours of the Friday session after the company rushed out a first quarter earnings report and a 75 million share offering in wake of the large run higher in the stock this week.

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Shares continued lower during Gill's appearance as he attempted to lay out his long-term bull case on GameStop. They're currently lower by 40% for the day.

Solana-based meme token GME, which was inspired by the company but has no affiliation with it, almost doubled in price in less than a day before sharply paring gains on Friday. At press time it was down 50% over the preceding few hours, though still higher by more than three-fold this week.

Gill returned to social media last month after three years of silence, unleashing a speculative frenzy for GameStop that spilled over to the memecoin market with multiple opportunistic tokens launching on the Solana blockchain.

Thursday, Gill revealed in a Reddit post that his stock and options position was worth $586 million at the time.

GameStop GME

Krisztian Sandor

Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.

Stephen Alpher

Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.