GameStop Shares Drop Due To Babaring Kitty Absen

GameStop (GME) shares fell because of the absence of Lauraring Kitty (Photo; Doc. Victoriana)

JAKARTA - GameStop (GME) share prices have decreased significantly in recent weeks. The main cause is the absence of well-known traders and influencers, Keith Gill, better known as Rouring Kitty. The loss of contribution from Roaring Kitty has had a major impact on the GameStop ecosystem.

According to Yahoo Finance, GameStop's share price is currently trading at 23.09 US Dollars (approximately IDR 378,676). These shares experienced a nearly 3% drop from the closing price on Monday and 7% over the past week. In the past month, GameStop's share price has fallen by more than 3%, equivalent to a drop of about 0.75 US Dollars (approximately IDR 12,300).

This change is surprising considering that GameStop's share price three weeks ago reached a monthly peak of 46.55 US Dollars (around Rp763,420). In early June, GME's share price rose 47.45% in one day, closing trading sessions at 46.55 US Dollars. However, Solana GME-based meme coins experienced a 118% spike.

A few days later, Gill announced a loss of 350 million US Dollars (approximately IDR 5.7 trillion) as GameStop's share price fell 50% in two days. This loss removed most of its initial gains.

Quoted from Coingape, GameStop CEO Ryan Cohen, recently stated that the company's focus was on achieving profitability. Therefore, GameStop plans to switch to a smaller national store network operation. This announcement is surprising and causes stock prices to fall further. GameStop shares decreased by 13.4% and traded at 24.86 US Dollars (approximately IDR 407,704). If the share price continues to rise and reaches 65 US Dollars, GME bull ownership could be worth 1 billion US Dollars, although it is currently not.

Gill, who owns more than 9 million GME shares, previously planned to join the GameStop board. However, the shareholder meeting was postponed due to high demand from traders on gaming streaming platforms.

The absence of Roaring Kitty has had a major impact on the GameStop investor community. As an influential figure, his presence often affects market sentiment positively. His absence caused uncertainty among investors and contributed to the decline in stock prices.