GameStop

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GameStop recently reported a decline in quarterly sales and announced plans to sell up to 75 million shares. This comes as a surprising move just ahead of a much anticipated livestream by <a href="https://news.todayq.com/from-meme-coin-to-scam-inside-cat-and-gcr-hack-scandal/" rel="noopener noreferrer nofollow">meme stock</a> influencer Keith Gill.&nbsp; GameStop is plunging 
The announcement has led to a 20% drop in GameStop’s shares, which fell to $36 before the market opened, making it the most traded stock across US exchanges with over 40 million shares traded.
Keith Gill has played a crucial role in the dramatic rise of GameStop shares in 2021. His announcement of a live stream on YouTube at 12 pm ET had sent GameStop shares soaring by more than 47% in the previous session. However, Its price dropped after the company’s announcement to raise over $3 billion through a share sale.
It is crucial to see that GameStop’s first quarter results showed a decline in net sales as compared to the previous year. This reflects the company’s struggles as customers increasingly turn to e-commerce platforms for purchasing video games and collectibles.&nbsp;
GameStop did not immediately provide further details on its results, which were released four days earlier than scheduled without explanation. Last month, GameStop raised over $900 million by selling 45 million shares.
GameStop saw a 21% rise on June 3 after Gill’s Reddit account posted a screenshot showing a $116 million bet on the stock, featuring a position of 120,000 June 21 call options at a strike price of $20, valued at $65.7 million at last Friday’s close. Will crypto follow this trend? 
Other meme stocks also recorded a decline after the GameStop announcement. AMC Entertainment dropped 8.5%, and headphone maker Koss fell 15.8%, both having recorded double-digit gains in the prior session. This volatility underscores the unpredictable nature of stocks influenced by retail investors and social media-driven trading.
In 2021, Gill’s promotion of GameStop led to a meteoric rise in its shares by as much as 1,600% before a subsequent decline. Gill gained a cult-like following among investors and significant notoriety. His recent activities have added to an increase in GameStop shares, which have risen nearly 150% since May 13. This includes a series of memes posted on an account linked to him.
However, the meme crypto market also recorded a marginal drop over the last day as the biggest of the meme tokens failed to impress the investors.

Are meme crypto waiting for GameStop to boom?

Todayq News

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