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Roaring Kitty facing regulatory scrutiny as GME frenzy loses steam

  • Exciting news for GME fans – the stock surged an incredible 1,500% after Roaring Kitty’s influential post!
  • The Massachusetts regulator is all set to investigate Roaring Kitty’s GameStop trades.

If you were following the wild ride of GameStop’s memecoin, you would have seen a staggering 300% surge on 3rd June, only to witness a 25.27% drop in the last 24 hours.

While credit was given to Keith Gill, also known as Roaring Kitty, for the surge, the subsequent fall was linked to reports that E*Trade is mulling over banning him, as reported by The Wall Street Journal.

Massachusetts Secretary of State, Bill Galvin, the top securities regulator in the state, is also gearing up to investigate Gill’s trading activities. 

Hear from the Community!

There’s been quite a buzz around Gill’s potential ban, with an X user Quiver Quantitative pointing out,

We have caught dozens of suspicious stock trades by politicians, and none of them have been investigated. 

Adding fuel to the fire, another user Dave Portnoy expressed his frustration,

“E*Trade doesn’t want you to make money. E*Trade is the worst.” 

What’s the Impact?

Despite GameStop’s recent dip, it had an astounding surge of over 1,500% following Roaring Kitty’s post in May.

However, recent data analyzed by AMBCrypto suggests a decline in both social volume and social dominance for GME.

GameStop (GME)

Source: Santiment

Interestingly, the recent drop in GME’s price didn’t dampen the overall memecoin market, which saw a 4.3% uptick in the last 24 hours, pushing the market cap to $68.7 billion as per CoinGecko.

Popular memecoins like Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE], and Floki [FLOKI] all showed green candlesticks on their daily charts, with many experiencing gains of over 20% in the past day.

 

Next: Let’s Dive into BNB’s Incredible Recovery to $700 – From FUD to ATH!

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