GameStop shares fell 12% on Monday, weighing heavily on some meme tokens that tend to mirror the stock’s movements. Solana-based meme token GME, which parodies the company’s stock ticker, slid 25%, reversing a more-than 200% rally over the past seven days. Related tokens like Roaring Kitty and some cat-themed tokens, which previously moved alongside GME stock, lost an average of at least 10%, according to data tracked by CoinGecko. Dog-themed tokens doge, shiba inu and floki pared last week’s gains, falling from 4% to 10%. GameStop shares have sunk 62% from a two-year high on Thursday after the company said it would sell up to 75 million shares and announced a drop in quarterly sales.
Comments (No)