Why is GameStop (GME) Price Pumping Over 1800%?

Technology

GameStop Price Prediction as Roaring Kitty Plans Livestream – Crypto News

Published

10 months ago

June 7, 2024

Dripp

GameStop Price Prediction: GME, the Solana-based meme coin, received renewed interest among investors and surged 124% in less than 24 hours, hitting a new all-time high price of $0.0298.

The price of GME hovered around $0.026 during European business hours on Friday, a 581% increase in the last 7 days, according to data from CoinGecko.

GameStop Price Prediction: GME In Price Discovery Zone as Bulls Look to Extend Gains

GME price is trending high above the 50-day and 200-day simple moving averages (SMA), which signals high bullish momentum for the asset. The price of the asset broke out of an ascending triangle formed for the past 3 days, making new highs.

According to the rules of technical analysis, the GME price was supposed to hit a price target of $0.030 after breaking the market structure. The price came just 3% shy of this target, indicating the rally is not over.

GameStop’s price launched in the market at $0.015 and immediately pumped 64% to its initial all-time high of $0.026. However, since then, the asset’s price has only been moving down, creating the illusion that its time may have run out. However, in the early hours of Friday, GME price surged, breaking its previous all-time high and entering price discovery.

If bulls keep up the momentum, GME price may reach $0.035. Conversely, the top of the ascending triangle provides robust support for the asset’s price.

Why is GameStop Price Rallying?

GME price soared on Friday after Keith Gill, also known as ‘Roaring Kitty‘, revealed his plans to appear on YouTube for the first time after three years of silence. With more than 770,000 subscribers to his YouTube channel, Gill scheduled a live stream for June 7, 2024, at 4:00 PM UTC.

Gill’s new appearance on social media also spurred the GameStop stock to surge 47% to hit $47.55 on the day. His resurfacing began three weeks ago when Gill posted an image on X (formerly Twitter) of a sketched man leaning forward on a chair. Shortly after, the GME meme coin was created.

Gill also posted an update to his GameStop position, which shows the portfolio has wreaked up $566 million in profits.

Roaring Kitty has posted an update to his GameStop, $GME, position pic.twitter.com/kBynQi9XST

— wallstreetbets (@wallstreetbets) June 6, 2024

Furthermore, GME meme coins, which have counterparts on the Ethereum mainnet and Base L2 network, have all experienced massive gains. GME (Ethereum) is up 156%, while GME (Base) surged 95%.

Bottom Line

Roaring Kitty ignited the meme frenzy during the bull run cycle of 2021 and it may not be a coincidence that he is back now, right when the bull run is about to kick off. Investors are closely watching his posts to make sure they don’t miss profit-making opportunities.