- 1 GameStop CEO Reyan Cohen announced a strategic financial plan at the annual meeting.
- 2 The agenda for cost reductions and profitability triggered a 12.28% dip in GameStop shares.
- 3 A rapid price drop was recorded in GameStop cryptocurrency.
On June 17, at the GameStop (GME) annual meet, Reyan Cohen discussed the video game retailer plans with the investors. The plan is to operate a smaller network of stores without offering many details.
As a result of this, a sharp drop of nearly 12.28% was recorded in GameStop shares.
Ryan Cohen’s Financial Strategic Plan
GameStop stock and cryptocurrency are trending in the financial market, and Keith Gill, known as ‘Roaring Kitty,’ had a major influence. But this time, Reyan Cohen stirred the share and crypto price.
At the time of writing, GME was hovering at $25.22501 after a 12.28% drop in a day, and alternatively, GME crypto was trading at $0.00842 after an intraday drop of 31.81%.
Gamestop Shares Dip 12% After CEO's Financial Strategy Update@GameStop shares (NYSE: $GME) declined by 12% against the U.S. dollar on Monday, closing at $25.22 per share. The drop followed a shareholder meeting where CEO Ryan Cohen emphasized “cost reductions and…
— Bitcoin.com News (@BTCTN) June 17, 2024
Highlighting the future of GME, Cohen emphasized cost reductions and profitability through a smaller network of stores with an expanded variety of higher-value items that suit the existing trade-in model.
In May and June, shares of approximately $4 Billion were sold, which would be used for the upcoming financial strategic update. However, there is no update on how the cash will be used. Moreover, the CEO believes the economy is uncertain due to fiscal policies.
Furthermore, Cohen discussed four proposals during the meeting: three were approved, and one was rejected. Approved proposals were based on executive compensation execution, five directors’ elections, and the appointment of Deloitte & Touche.
What About GameStop Crypto?
The direct influence of the financial strategic update was recorded on GME crypto performance. In a day, crypto prices dropped by 31.81%, shifting from $0.01226 to $0.00842 at press time.
GameStop Price Chart I Source: CoinMarketCap
In the past 7 days, the asset value drastically dropped from $0.01679 to $0.007562, a fall of 50.59%. The crypto has a market cap of $57,190,117, a 24-hour volume of $67,897,335, and a total supply of 6,885,214,218 tokens.
The token came into the limelight in May mid when ‘Roaring Kitty,’ formerly Keith Gill, entered the social world after a long hide.
Is ‘Roaring Kitty’ the Game Player?
Roaring Kitty had a major influence on GameStop crypto and GameStop stock. He disappeared from social media on June 19, 2021, and publicly appeared on May 13, 2024.
After his first appearance, the stock price spiked to 74.40% in a single day, sparking memecoins including GME, Dogecoin (DOGE), and Shiba Inu (SHIB). DOGE experienced a surge of 6.5%, whereas SHIB coin recorded a rise of 5.3%.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
At the time of writing, PEPE was trading at $0.00001061 after an intraday drop of 6.63%; DOGE was standing at $0.1213 after an 8.55% decline in a day. SHIB was hovering at $0.00001799 after a fall of 9.31% in the past 24 hours.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
