Gamestop (GME) Price Sinks 18% In A Day After Lawsuit Dismisses; Will It Recover?
Roaring Kitty, or Keith Gill, was one of the main personalities behind the meme stock mania of 2021 and has been in the highlights again. He was off social media since 2021 but made an entry recently, revealing his holdings for the Gamestop, pumping the stock prices more than 90%. Its impact was also on the Gamestop crypto, as its price boomed as well.
However, a lawsuit was followed on Friday against Keith for pump and dump of the stocks, manipulating the Gamestop share prices. But by Monday, the investors have withdrawn their lawsuit without any explanation. Still, the court documents reflect the possibility of refiling the lawsuit, but that is a different story. In this blog, let us discuss the crypto token Gamestop price struggle and whether it will recover or not soon.
Analyzing The Gamestop (GME) Price History
Gamestop price was almost not affected by the lawsuit news on June 28, but the impact is visible today as the price has dropped more than 18% in the last 24 hours. Even before, the price was not entirely stable as multiple ups and downs were part of this meme coin’s performance.
At the time of writing, the Gamestop price is at $0.00705 after declining from $0.00994 on June 28. It has been moving sideways for weeks now after setting an all-time high of $0.03207 just 25 days ago. The surge was due to the comeback of Roaring Kitty, causing the upsurge in this meme coin value. But that did not last long as the price dropped almost immediately and has moved 78% away from the ATH.
Despite having considerably high peaks in the charts and huge popularity, GME has just 27% profit since its launch, concerning investors over its future performance.
Will Gamestop Price Recover?
Overall, Gamestop is in the selling zone, with the sellers getting their hands off this meme coin. Though the investors have backed out of the lawsuit, there’s a possibility of happening the same again. Additionally, people have become aware of Roaring Kitty’s involvement in the stock mania of 2021, making it a concerning asset to handle.
However, the concerns are greater on the Gamestop stock value as the meme coin is not related to the video retailer company. Moreover, the Relative Strength Index is neutral, indicating the continuation of the ongoing sideways trend. Even Gamestop’s price has not had any major peaks since the ATH, and the ongoing situation is not the most favorable. With that, the possibility of higher gains is less likely.
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