Meme Sector Sees Sharp Sell-off as GameStop Losses Extend to 60%

A Solana meme parody of the actual company was down 25% in the past 24 hours, with steep losses across other meme tokens that tended to move in tandem with GameStop.

Solana meme tokens and other related crypto parody names slid sharply on Monday as the GameStop (GME) stock rally reversed further, extending losses to 60% from recent highs.

A Solana meme parody of the actual company slid 25% in the past 24 hours, while steep losses were seen across other meme tokens that tended to move in tandem with GameStop.

The controversial GameStop (GME) stock rally saw its second day of reversing on Monday, ending the U.S. trading session down 12% after a 40% drop on Friday This weighed down some meme tokens that tend to mirror the stock’s movements.

GME ended Monday trading at $24.89, down 62% from a two-year high of $61 last Thursday. Elsewhere, the Solana-based meme token GME, which parodies the company, slid 25%, reversing a more than 200% rally from the past seven days.

Related tokens like Roaring Kitty (KITTY) and some cat-themed tokens, which previously moved alongside GME stock, lost an average of at least 10%, according to data tracked by CoinGecko.

Dog-themed tokens doge (DOGE), shiba inu (SHIB) and floki (FLOKI) pared gains from the last week, falling from 4% to 10%.

The stock had moved wildly since late May on the apparent return of retail trader and GME bull Keith Gill for the first time since 2021. Gill, known by his @TheRoaring Kitty and “DeepF*uckingValue” aliases, was a key figure in the stock’s short squeeze rally in 2021.

Gill flashed a $580 million position of GME equity and options holdings last week, boosting the stock’s prices and putting him on track to a potential billion-dollar exposure position.

However, gains were erased after the company said it would sell up to 75 million shares, days after it made $933 million by selling 45 million shares. It also announced a drop in quarterly sales – dampening investor sentiment.

CoinDesk’s Shaurya Malwa and Zack Seward contributed to this report.

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