Is the Gamestop hype over already? Did Keith Gill push all memecoins down?

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Last Updated on 11 June 2024 by CryptoTips.eu

After a three-year absence, Keith Gill, aka Roaring Kitty, reemerged on social media two weeks ago. First on X, then on Reddit. As was to be expected, he tried to promote his strategy for another GameStop bull run an revealed a massive position. The last time this happened, GameStop went up thousands of percentage points in an epic short squeeze, followed by memecoins like Dogecoin and Shiba Inu a few weeks later.

Gill’s 2024 operation to push GameStop’s shares higher seems less successful, or is it still too early for that conclusion?

Yesterday GameStop dropped another 12%.

Advertentie.

Kaleo

It was the well-known analyst CryptoKaleo who best summarized the situation last Friday with some memes and screenshots.

He said that Gill had lost about $200 million in a single day and that this was mainly because this time he, and not the GameStop company or its results, had become the central part of the story, which is why the hype around GameStop died down so quickly this time.

In the wake of GameStop’s decline, all other meme stocks (such as AMC Entertainment Holdings) also fell sharply.

The news was followed by a decent jobs report from the United States on Friday, which again reduced hopes for a possible interest rate cut. Bitcoin quickly fell from $72k to $69k but is holding up quite well in the meantime (a rather hopeful sign for the future).

What was striking though is that the largest memecoins (Dogecoin, Pepe, DogWifhat and others) suffered a heavier blow.

Has Gill shot himself in the foot or is it too early to draw this conclusion?

ericbvd / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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