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After two surreal days of spectacular gains, it appears GameStop is finally coming back to reality.
GameStop (GME) stock crashed about 30% in the first few minutes of trading on Wednesday, to $34.12 at the time of this writing.
That slippage erased much of the remarkable rebound the stock enjoyed this week, which began Sunday when Keith Gill, aka Roaring Kitty — the meme stock influencer who architected GME's Reddit-fueled short squeeze in 2021 — seems back online after years of silence.
Yet today's crash has yet to erase the full extent of GME's recent gains.
Before Roaring Kitty's apparent return on Friday, GameStop closed at $17.39. The influencer's resurfacing took the stock to $64.83 yesterday, a nearly 4x increase from last week's close. This isn't an unheard of gain in crypto, but it is highly unusual on Wall Street.
Some lucky traders may have walked away with millions from GME's roller coaster ride, provided they stayed in long enough and exited on time. A trader who invested $27,000 in GME call contracts on April 24 that expire on Friday would have won $2 million outside of commerce.
Roaring Kitty's supposed return (the influencer has only posted GIFs and memes to Gill's Twitter account and has not otherwise verified her identity) has also raised other assets related to her past exploits , although these charms also seem to be fading.
AMC, another meme stock once favored by the influencer, is also down 30% today, to $4.82 at the time of writing (the stock hit $11.90 at one point Tuesday). And GME, a Solana meme coin inspired by the GameStop short squeeze saga, is down 23.9% over the last 24 hours, after reaching yesterday a record level.
Today it was Floki Inu (FLOKI) who was head of the coin pack meme. Earlier in the day, the token, inspired by Elon Musk's Shiba Inu dog, posted gains of 17% over 24 hours, according to CoinGecko data. This is an interesting result because some of the messages Gill sent in recent days included a video that said “the bad days are over.”
Edited by Stacy Elliott.
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