GameStop Stock Rally 2024 Won't Quit

GameStop stocks bounced back up in Tuesday trading on Wall Street, after a price crash that more or less followed the same pattern as the first

GameStop stocks bounced back up in Tuesday trading on Wall Street, after a price crash that more or less followed the same pattern as the first of the meme stock’s fierce double tap attack on the $50 per share level in May, led by a Reddit WallStreetBets trader who goes by Roaring Kitty online, after a multi-year period of dormancy trading below $25 a stock.

After the second prong of the WallStreetBets traders’ bull run alighted upon USD $46 for NYSE GME shares on June 6, GameStop stock corrected back to just below $25 before bulls recovered it back to above $30 for Tuesday’s trading on Wall Street.

By the way— depending on what’s going on with the network, $46 could be a Web3 altcoin investor’s Ethereum fee to buy Kai Cat Coin ($KAI) tokens from their pre-sale event and secure the private Ether keys to their coins in a compatible wallet like MetaMask.

That’s not bad for an investment of $150, $250, or $460 in KAI while the price is guaranteed low by smart contract until it’s listed on crypto exchange markets after the pre-sale phase of the new Ethereum meme coin project’s roadmap is complete.

GameStop Stock Rally 2024 Won’t Quit

But as far as GME stock gains and losses during this volatile bull market for meme stocks on Wall Street like GameStop and AMC Theatres shares goes— Roaring Kitty showed off “losses” of millions of dollars in the most recent flash bubble and crash rally for the beleaguered meme stock, stuck as it is in a tug-of-war between high finance and anonymous Internet investing forums.

Kitty lost $17 million worth of market value on a 5 million share stake in the company according to a Reddit post made by the message forum’s king of deep value. Meanwhile, he revealed that his derivatives position in GameStop fell another $34 million, according to a report by Fortune Tuesday.

Fox Business flubbed on reporting about the GameStop stock story, but not in any way that isn’t unusual for both mainstream and alternative financial media. “‘Roaring Kitty’ could not save GameStop as meme stock tanks,” Fox headlined. “GameStop shares plummeted after the video game retailer unveiled a share sale to raise up to $3 billion,” the outlet reported.

But the financial media is often discombobulated in its reporting on stock or crypto altcoin price crashes that lack the context and make it seem to the reader as if the stock simply crashed and not that it first launched and then landed at a support level far above where it was before.

The financial media does the same thing with Bitcoin prices all the time, in both mainstream, traditional finance media that covers cryptocurrency, and independent blockchain markets news sources. The purpose or reasons for this may vary from desk to desk, but let’s keep it real: Meme stocks have demonstrated real financial power over the past few days.

Roaring Kitty’s return to Wall Street could even be a fair warning that you may have already heard before: That the dog days are over for Web3 meme coins. If that’s true, it’s even possible that cat meme currencies like $Kai Cat Coin are about to take over the ecosystem in a profound way later this year or early in 2025 at latest, leaving the cats plenty of time to accumulate.