NOIDA (CoinChapter.com)— In a nearly copycat reminder of the 2021 meme stock frenzy, the GameStop crypto token, GME, skyrocketed by 100% on June 7 amid a renewed surge of interest.
Born out of the chaotic energy of the original GameStop stock saga, the GME token was launched on Jan. 28, 2024, as a tribute to the retail investors who famously took on Wall Street.
The recent rally follows the reappearance of Keith Gill, also known as Roaring Kitty, who reignited excitement by posting on social media about his GameStop stock holdings. Furthermore, Gill is set to appear on a YouTube live session on June 7, which could further boost prices.
GME Token’s Meteoric Rise: A Slap to Left’s Bearish Bets
The GME token, a memecoin on the Solana blockchain, saw its value soar, highlighting the enduring power of retail investor enthusiasm.
GME token price rose by nearly 765% over the past 7 days, reaching a daily high near $0.032 before paring some of its gains later in the day. This surge mirrors the GameStop stock’s meteoric rise in May, driven by the same fervor that once disrupted Wall Street.
The token’s market cap ballooned from below $4 million to over $156 million in just a few days
This bullish trend in the GME token directly challenges Andrew Left’s negative outlook on GameStop. Left, a veteran short seller famously lost 100% of his short bet against GameStop in 2021.
Despite this, he has doubled down on his bearish stance, labeling the stock “extremely overvalued” and citing speculative trading as a driving force behind its recent rally.
Left Bearish On Gamestop As Traders Question Market Fairness
Andrew Left’s renewed bet against GameStop comes with a cautious approach. Having learned from his costly 2021 experience, Left ensured his short position was smaller and more judicious this time.
The veteran trader acknowledged the volatility of “cult” stocks blindsided him, stating that large bets against such stocks are unwise.
Despite the cautious stance, Left remained skeptical of GameStop’s valuation. Moreover, Left claimed that the recent surge in the stock price makes no sense and reflects a “nation of gamblers.” However, the simultaneous rise in both GameStop stock and the GME token suggests otherwise.
While the trader remains bearish on GameStop, the recent rally in both the meme stock and the memecoin highlights the enduring influence of retail investors and the power of community-driven market movements.
Meanwhile, the frequent trading halts for GameStop (GME) have raised significant concerns about market fairness. These halts, which traders perceive as a means to protect the interests of larger players, seem to undermine the integrity of the market.
Critics argued that the interruptions perpetuate the notion that the stock market is a rigged game that the elites control. This perception of manipulation erodes confidence among regular investors, fostering frustration and disillusionment with the financial system.
Such tactics are likely to exacerbate the sentiments that fueled GameStop’s previous rally, which could really spoil Left’s plans to short the stock.
