GameStop Crypto Soars 100% in Defiant Rally Against Andrew Left’s Shorts
In a striking echo of the 2021 meme stock craze, the GameStop crypto token, GME, surged by 100% on June 7 in a sudden wave of interest.
Emerging from the tumultuous energy of the original GameStop stock saga, the GME token made its debut on Jan. 28, 2024, as a nod to the retail investors who famously shook up Wall Street.
The recent surge coincides with the return of Keith Gill, also known as Roaring Kitty, who sparked fresh excitement by sharing his GameStop stock holdings on social media. Gill is scheduled to make an appearance on a live YouTube session on June 7, potentially further driving up prices.
GME Token’s Remarkable Ascent: A Blow to Left’s Pessimistic Bets
The GME token, a memecoin on the Solana blockchain, saw its value skyrocket, underscoring the enduring enthusiasm of retail investors.
The price of the GameStop token surged by nearly 765% over the past week, peaking near $0.032 before pulling back slightly. This surge mirrors the rapid rise of GameStop stock in May, fueled by the same fervor that once shook Wall Street.
The token’s market cap surged from under $4 million to over $156 million in just days.
This bullish trend in the GME token directly challenges Andrew Left’s bearish outlook on GameStop. Left, a seasoned short seller, famously faced a 100% loss on his short position against GameStop in 2021.
Despite this setback, Left remains steadfast in his bearish view, deeming the stock “extremely overvalued” and attributing its recent rally to speculative trading.
Left Cautious on GameStop Amid Market Fairness Concerns
Andrew Left’s renewed bet against GameStop comes with caution. Drawing from his costly 2021 experience, Left ensured his short position was more measured this time.
The veteran trader acknowledged that “cult” stocks’ volatility caught him off guard, cautioning against large bets on such stocks.
While Left remains skeptical of GameStop’s valuation, the simultaneous surge in both GameStop stock and the GME token challenges his perspective.
While Left stays bearish on GameStop, the recent rally in both the meme stock and memecoin underscores the enduring impact of retail investors and community-driven market movements.
Market Manipulation Claims Emerge
Allegations of market manipulation circulated on social media platforms.
The frequent trading halts for GameStop (GME) have raised concerns about market fairness, with traders viewing them as a move to safeguard the interests of larger players, undermining market integrity.
Critics argue that these interruptions reinforce the belief that the stock market is rigged in favor of the elites, eroding confidence among regular investors and breeding frustration with the financial system.
Such tactics could fuel the sentiments that fueled GameStop’s previous surge, potentially thwarting Left’s plans to short the stock.