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ThecoinrepublicNewsGameStop CEO’s Strategic Update Hits GME Shares:...
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GameStop CEO’s Strategic Update Hits GME Shares: What’s Going On?

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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%.     

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

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%. 

 

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.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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