Introduction

The GameStop short squeeze of 2021 became a turning point for retail investors, showcasing the power of collective action against established financial institutions. Inspired by this event, the GmeStop crypto project emerged, aiming to foster a more inclusive financial system and leverage blockchain technology to promote inclusion, transparency, fairness, decentralization, and community building.

GmeStop has significantly impacted GameStop Corporation’s stock price. Additionally, GmeStop focuses on blockchain education, nurturing the next generation of Web3 investors.

What is GmeStop?

GmeStop is a meme coin inspired by the short squeeze of the Stock of an American Video Game retail company named GameStop Corporation. After the short squeeze event in 2021, GmeStop aims to challenge the financial titans of Wall Street, exposing the activities of big Wall Street players while also demonstrating the power of collective action in ensuring open participation in the traditional Stock market.

What is a GameStop Short Squeeze?

A Short Squeeze in stock trading happens when there is an increase in buying pressure on a company’s stock, which forces traders who initially placed a sell order to sell off their positions quickly to place a buy order to cover up for their losses. The GameStop Stock short squeeze occurred between 22 to 28 January 2021.

In the wake of the COVID-19 pandemic, GameStop Corporation had already recorded low in-person shopping, coupled with strong competition from online video game distributors. GameStop’s stock price was low, raising speculations of continued decline. In the financial market, downward price speculation means shareholders might begin to sell off their stocks, and that was exactly what happened with Gamestop stocks.

However, individual investors on Reddit (an online discussion forum), following the call by Keith Gill, (a popular social media influencer and a huge investor in GameStop stock), drove the GameStop stock price upward by buying in large quantities. Thereby causing institutional investors of GameStop stock to incur losses, as they were squeezed out of their selling positions to place new buy orders. At the same time, the individual investors held onto their buy positions, refusing to sell, thereby, causing a continuous rally in the GameStop stock price.

Effect of the Short Squeeze

The short squeeze radically drove GameStop stock from $20 per share to $500 by January 28, 2021. The height of the short squeeze occurred when a giant app-based brokerage firm, Robinhood, halted further buying of GameStop stocks but kept the sell orders open. This resulted in huge losses for the big Wall Street financial players and raised concerns about market manipulation by Robinhood.

Essentially, GameStop’s short squeeze gave a community of small individual investors an edge over big American financial players in a traditional financial market. The 2021 short squeeze was equally revolutionary for GameStop stock, as individual investors realized they could only challenge an existing financial big player through collective action. This motivation derived from the Reddit group action inspired the GmeStop crypto project.

Who is Keith Gill Alias Roaring Kitty?

Keith Gill is known on X (formerly Twitter) and YouTube as ‘Roaring Kitty’ and on Reddit as ‘DeepFuckingValue.’ He has been an avid investor of GameStop Stock since 2019 when he purchased GameStop shares valued at $53,000. Gill became popular for spearheading the 2021 GameStop Short Squeeze saga. However, he has been away from the public eye for the past three years until May 13th, 2024.

Gill communicates details of his stock investments on Reddit. On April 16, 2021, he shared a screenshot of his GameStop stock investment, which was 200,000 GameStop shares valued at $30,938,000. Three years after his public disappearance, Gill shared a screenshot showing his recent purchase of GameStop’s 5 million shares valued at $115.7 million on June 2, 2024.

Three years after the GameStop short squeeze, Roaring Kitty’s social media activities still move the GameStop stock price. Gill’s appearance on May 13th, 2024, where he shared a photo of a man sitting up with gamepads in his hands via his X handle caused a surge in GameStop stock. The Gill effect was also felt after he shared his $115.7 million GameStop investment.

Additionally, Roaring Kitty is known for sharing memes via his X (Twitter) handle. Sometimes he would share himself wearing a red band over his head. Consequently, the red headband became a popular symbol among the GmeStop crypto community. Following GmeStop’s popularity, the red band has become a significant aspect of GmeStop memes.

Brief History

GmeStop was launched on January 28, 2024, on the Raydium decentralized exchange. The project adopted a Fair launch for its token generation event on the Solana blockchain. Fair launch simply means a token distribution method where crypto projects introduce new tokens to the public without a pre-sale, mining, or token allocation to any group.

Although GmeStop on Solana launched in 2024, it has a history with the GameStop Corp. Stock short squeeze of 2021. The outcome raised a community of loyalists to the GmeStop crypto movement led by Keith Gill, who made the GameStop Stock short-selling announcement on his Reddit account, triggering the 2021 Wall Street short squeeze.

So far, the GmeStop token, GME, has rallied since its launch following sentiments from the GameStop stock market and hype from its community. It’s important to note that GameStop Corp. and GmeStop crypto project aren’t closely affiliated.

GmeStop Use Cases

Used as a Tool to Challenge Traditional Financial Systems

GmeStop serves as a tool to enforce inclusiveness into the traditional financial system, as against the Wall Street financial system often dominated by business moguls, politicians, and big companies.

Used to Influence GameStop Stock Price

GmeStop crypto is also instrumental in influencing the price action of GameStop Corp Stock. Keith Gill, the guy who pioneered the GameStop Stock short squeeze, has also remained influential in leading the GmeStop meme movement. Therefore, Keith Gill’s posts, memes, and most of his social media activities impact GameStop Corp stock and GmeStop meme token, including the price action.

GmeStop Ecosystem

The following projects constitute the GmeStop ecosystem.

GME University

Source: GME University

GME University is an educational platform in the GmeStop ecosystem. Its learn-to-earn feature aims to incentivize learning. With GME University, GmeStop can educate new blockchain users while incentivizing learning.

GME Memes

Source: The gamer

This is a platform on GmeStop that has various memes. Memes are humorous images expressing the idea in the caption. The GmeStop community mostly uses GME memes for promotional purposes.

GmeStop Partnerships

GmeStop has partnered with different projects to boost efficiency within its ecosystem.

Partnership with DWF Labs

GmeStop has partnered with DWF Labs to provide liquidity for GME tokens. This collaboration ensures that GME tokens are visible and accessible to traders in major exchanges while also providing market makers for them. DWF Labs market makers provide liquidity for new tokens by placing buy and sell orders simultaneously on a certain token. They maintain the token’s order book to fill traders’ buy and sell orders.

DWF Labs is a popular digital asset market maker and multi-stage investment firm. It has a long list of tokens in its portfolio, including GME tokens.

Bet Altcoins Casino

Bet Altcoins Casino is an online gaming platform. It offers dealer games, Esports betting, and random games for game lovers who wish to play Casinos from their comfort zones. Bet Altcoins casino is in partnership with GmeStop.

What is GME Token?

GME token is the native token of the GmeStop crypto project and is available on Solana and Ethereum blockchains with different market supplies. It is primarily used to trade and fund the GmeStop learn-to-earn initiative at GME University.

Tokenomics

GmeStop tokenomics varies between the Solana and Ethereum networks, with a total supply of 6,885,214,218 and 420,000,000,000 GME tokens, respectively. The circulating supply is similar to the total supply on these blockchains.

Is GmeStop (GME) a Good Investment?

The evaluation of a cryptocurrency project primarily depends on the credibility of its team, valuable use cases, and a well-defined growth timeline. However, these criteria alone are insufficient to determine whether GmeStop is a good investment. Despite being decentralized, community-driven, and fair token distribution, GmeStop lacks the practical utilities necessary for sustaining a communal movement. Therefore, conducting thorough research before considering an investment in GME tokens is strongly recommended.

Additionally, please note that the information provided here is for educational purposes only and should not be construed as financial advice. It is essential to consult with financial experts before making any investment decisions.

Highlights

GME token sees a 150% surge following Keith Gill’s return on YouTube

GME token hit a 150% price hike after Keith Gill announced his return to his YouTube followers on July 7, 2024. He has been away from social media for over three years since the GameStop short-squeeze saga. GME token surged 730% between 2nd and 7th, June 2024 after announcing his intention to start trading his GameStop Corp. shares.

Keith Gill faces Security Charges in a new Class Action Suit

Keith Gill faces new security charges over his recent social media posts. Martin Radev filed the complaint on June 28th, 2024, at the United States District Court, Eastern District of New York. The class action suit came after Keith Gill’s X post caused a sudden reversal against the prevailing stock trend of GameStop’s stock price between May and June 2024. He has been accused of leading a pump-and-dump scheme on GameStop stock with his social media posts.

How to Own GME

You can buy GME from centralized and decentralized cryptocurrency exchanges. For example, Gate.io offers traders the GME/USDT trading pair. To own the token, create a Gate.io account, and complete the registration process. Also, you need to fund your spot trading account and go through the steps to buy GME.

Take Action on GME

Check out GME price today and start trading your favorite currency pairs:

• GME/USDT