As a crypto investor with a background in traditional stock markets, I can’t help but be intrigued by the recent developments surrounding GameStop (GME) and other meme stocks. The return of RoaringKitty and his renewed influence on social media has ignited a frenzy that’s reminiscent of the 2021 meme stock mania.
Andrew Tate, a previous kickboxing champion with a contentious online persona, announced on social media platforms that he liquidated $500,000 of his Bitcoin (BTC) holdings to jump onto the bandwagon of meme stocks and put his investment into GameStop (GME). His intention was to harm a hedge fund manager who had taken a bearish stance against this stock.
A hedge fund manager is at risk of losing all $13 billion from their hedge fund if the opening price of GameStop’s stock remains the same on platform X, previously known as Twitter, in a succession of videos posted by Tate.
As a crypto investor, I’ve noticed Tate’s actions seem connected to the latest meme stock craze. This new wave of trading activity appears intent on replicating the 2021 meme stock mania that led to a $13 billion hedge fund, Melvin Capital, exiting its position on GME and incurring substantial losses.
I lost a lot of money attacking The Matrix during Gamestop.
Always been part of the resistance 🫡
— Andrew Tate (@Cobratate) May 13, 2024
The meme stock trading craze took off following the reemergence of a pivotal figure, Keith Gill, also recognized as RoaringKitty on X and DFV on Reddit, who had been absent from social media for three years before making a comeback post-testimony in Congress.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
In a string of social media videos, Tate expressed his intention to heavily invest in various stocks, stating “I’m putting it all on the line, utilizing every available resource, fully committed to these investments.” He further declared with confidence, “We’re bringing down Wall Street. We’ll be the ones to do it ourselves.”
Tate argued that monetary profit took a backseat for him, as he focused on bringing down the unidentified hedge fund manager. The recent surge in GameStop stock interest has significantly increased its worth, causing the company’s share price to soar over 200% within the past few days and approach the $50 mark.
The value of AMC, a meme stock like GameStop, soared by almost 120% during the same timeframe. Yet, the meme stock trend goes beyond conventional markets as an unofficial cryptocurrency connected to Solana, inspired by GameStop, has experienced even greater price increases.
In the next video, Tate reaffirmed his stance and announced that he intends to sell $6 million in cryptocurrencies. He declared his readiness to risk it all against Wall Street hedge funds.
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2024-05-15 07:54