As a seasoned crypto investor with a few gray hairs and battle scars from past market volatility, I can’t help but feel a pang of sympathy for this trader who lost over $122,000 on their $GME investment. The allure of memecoins and the frenzy surrounding GameStop’s resurgence was hard to resist, especially with the memories of the 2021 rally still fresh in our minds.
A trader dealing in cryptocurrencies has recently parted ways with their $GME holdings, which are based on the Solana blockchain and experienced a significant price surge due to renewed hype surrounding GameStop, resulting in a loss of approximately $122,000.
As a crypto investor, I recently came across some intriguing information from the on-chain analysis service Lookonchain. They revealed that an unidentified trader had sold off their memecoin with the ticker symbol similar to GameStop – GME – after having purchased them for approximately 1,668 Solana (SOL) tokens. The transaction was successfully withdrawn from the popular cryptocurrency exchange, KuCoin.
The trader had to admit defeat and sell their GME tokens for approximately $75,000 in SOL (465.7 SOL) on the first day due to a significant drop in price, resulting in a loss of around 1,202 SOL ($43,834).
The trader gave in and sold off all his $GME for a loss of 1,202 Solana ($122,000)!Yesterday, he withdrew 1,668 Solana from Kucoin to purchase $GME. However, after making this transaction, he is now left with only 465.7 Solana ($75,000).— Lookonchain (@lookonchain) May 16, 2024
The meme stock trading craze gained momentum following the resurfacing of trader Keith Gill, also known as RoaringKitty on X and DFV on Reddit, who had been away from social media for three years before making a comeback, prompted by his appearance at a Congressional hearing.
The surge in GameStop’s (NYSE: GME) price was driven by retail traders, resulting in a significant increase in the trader’s return. This event, reminiscent of the firm’s stock price rally two years prior, garnered extensive media coverage and triggered various reactions, including Netflix series, movies, and intensive financial examination.
As a crypto investor, I’ve witnessed an incredible surge in GameStop’s share price. It began around $17.5, but soon took off, reaching a peak of over $55. However, after this rally, the correction hit hard and the shares plummeted to $27.6 by the time I’m writing this.
AMC Entertainment, the New York Stock Exchange listed movie theater company, and several less recognized cryptocurrencies linked to Roaring Kitty and GameStop, both saw notable surges in value.
The surge in GameStop’s stock value has brought about substantial financial setbacks for short sellers, who anticipate a stock decrease. Ihor Dusaniwsky, S3 Partners’ managing director, shared with The New York Times that these short sellers, who had previously earned $392 million from their GameStop investments earlier in the year, ended up facing losses totaling $852 million by Monday’s end.
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2024-05-18 03:44