The recent price surge that GameStop Corp (NYSE: GME) experienced in the past few days might be a stock manipulation according to Morgan Stanley’s ETrade. On June 4, 2024, Morgan Stanley’s ETrade showed his concern about the potential stock manipulation by a prominent Keith Gill who is known for Roaring Kitty.
GME stock manipulation
According to the ETrade report, Gill had made a massive GameStop (GME) call options before he made a post on Reddit and influenced stock price surge. The Gill in his post disclosed that he owns $115.7 million worth of GameStop shares and holds a massive $65.7 million of GameStop call options with a strike price of $20 that expires on June 21, 2024.
The post that Gill published on Reddit not only influenced the stock price but also the GME coin that was built on the Solana blockchain. Following this post, GME coin surged more than 220% as reported by Todayq News.
However, the recent market manipulation claimed by Morgan Stanley’s ETrade affected the GME coins. As of writing GME coin experienced a price drop of over 5.5% and currently it is moving near the $0.11 level. If we look at the performance of the GME coin over a longer period, in the last 7 days it experienced a massive 185% upside move. Whereas, in the last 30 days GME coin surged more than 2,300%.
Besides the price fall in the last 24 hours, it looks like investors and traders are showing their interest and more confidence in the GME coin. According to data from coinmarketcap, the 24-hour trading volume has surged by 30% and it currently stands near $328 million.
BTC, ETH, and SOL look struggling
Following all these claims, currently, overall cryptocurrency is struggling to gain momentum. Where top cryptocurrencies like Bitcoin, Ethereum, Binance coin, and Solana are in red. If we look at the percentage-wise price fall then BTC, ETH, BNB, and SOL experienced a price drop of 1%, 1.5%, 0.5%, and 0.5% respectively.
On the other hand, top meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and the recently popular Floki Inu (FLOKI) experienced a price fall in the last 24 hours. According to Coinmarketcap data, DOGE, SHIB, PEPE, WIF, and FLOKI experienced price falls of over 3%, 6%, 7%, 6%, and 5% respectively. With this, the overall crypto-meme industry is also down by nearly 2% but the trading volume shows investors interest because it surged more than 16% in the last 24 hours.
