GameStop Crypto Skyrockets 100% in Defiant Rally Against Andrew Left’s Shorts
CoinChapter.com
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NOIDA (CoinChapter.com) – In a striking echo of the 2021 meme stock craze, the GameStop crypto token, GME, surged by 100% on June 7, marking a resurgence of interest.
Emerging from the tumultuous events of the original GameStop stock saga, the GME token made its debut on January 28, 2024, as a nod to the retail investors who famously challenged Wall Street.
The recent surge coincided with the return of Keith Gill, also known as Roaring Kitty, who rekindled excitement with his social media posts about his GameStop stock holdings. Gill’s upcoming appearance on a YouTube live session on June 7 is expected to further propel prices.
GME Token’s Remarkable Surge: A Blow to Left’s Bearish Bets
The GME token, a memecoin on the Solana blockchain, experienced a significant surge, underscoring the enduring enthusiasm of retail investors.
Over the past 7 days, the GameStop token’s price soared by nearly 765%, reaching a daily peak close to $0.032 before a slight pullback. This spike mirrors the rapid ascent of GameStop stock in May, fueled by the same fervor that shook Wall Street.
The token’s market cap surged from under $4 million to over $156 million in just a matter of days.
This bullish momentum in the GME token directly challenges Andrew Left’s pessimistic view on GameStop. Left, a seasoned short seller, infamously suffered a 100% loss from his short position against GameStop in 2021.
Despite this setback, Left remains steadfast in his bearish outlook, dubbing the stock “extremely overvalued” and attributing its recent rally to speculative trading.
Left’s Bearish Stance on GameStop Amid Market Fairness Concerns
Andrew Left’s renewed bet against GameStop comes with caution. Drawing from his costly lesson in 2021, Left ensured his short position this time was more measured and prudent.
Acknowledging that “cult” stocks’ volatility caught him off guard previously, the veteran trader emphasized the imprudence of large bets against such stocks.
While maintaining a skeptical view on GameStop’s valuation, Left criticized the recent surge in the stock price as illogical, referring to it as a “nation of gamblers.” However, the simultaneous rise of both GameStop stock and the GME token suggests otherwise.
Despite Left’s bearish stance, the recent rally in both the meme stock and the memecoin underscores the enduring impact of retail investors and community-driven market movements.
Social media buzzed with allegations of market manipulation.
Amid concerns about market fairness, the frequent trading halts for GameStop (GME) have sparked significant debate. Traders perceive these halts as favoritism towards larger players, casting doubts on the market’s integrity.
Critics argue that such interruptions perpetuate the belief that the stock market is controlled by elites, eroding confidence among regular investors and fostering frustration with the financial system.
These tactics could fuel the sentiments that fueled GameStop’s previous rally, potentially thwarting Left’s plans to short the stock.
