The GME cryptocurrency formed a divine candle on September 6 after Roaring Kitty made a surprise return to X ahead of GameStop earnings.
GME (GME) rose to a high of $0.0052, its highest level since June 24, and 93% higher than its intraday low. It is up 168% from its August low, making it one of the best performing cryptocurrencies on the market. Its market cap has also jumped to over $32 million.
GameStop stock also rose more than 3.7%, even as a sea of red spread across the market, with the Dow Jones and Nasdaq 100 down 0.90% and 2.43%, respectively. Bitcoin (BTC) fell to $53,000, while the market cap of all currencies fell below $2 trillion.
This performance came after Keith Gill, popularly known as Roaring Kitty, returned to X, posting the below post. The thinly traded Roaring Kitty (KITTY) token also formed a divine candle, rising by over 65%. A divine candle is a surprising bullish candle that takes traders by surprise.
Gill is one of the most notable traders due to his role in the meme stock craze of 2021. Most recently, in May, he returned to the market, sending meme companies like GameStop, AMC, and Faraday Future soaring.
Jill’s return is notable because it comes as GameStop prepares to release its financial results on Sept. 10. Analysts had expected low expectations For the company, as its business continues to slow. The median estimate among analysts is that its revenue will fall from more than $1.1 billion in the second quarter of 2023 to $895 million this year.
The company faces significant challenges as more and more gamers choose to purchase games and gaming consoles online and as operating costs rise.
It remains unclear whether GME and KITTY will sustain their continued rise. Historically, such gains have been short-lived. In May, GME surged from $0.0035 to $0.029 after the Roaring Kitty resurgence, only to erase all of those gains within a few days. It dropped to a record low of $0.0017 in August.
Similarly, KITTY price rose to $0.093 amid the hype, then dropped almost 100% to a low of $0.0013 in August.
Comments are closed, but trackbacks and pingbacks are open.