Solana meme coins GME, AMC suffer brief decline after GameStop releases earnings ahead of schedule

📆 7/6/2024 12:09:00
📰 FXStreetNews

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Solana meme coins GME and AMC crashed by 27% and 36%, respectively, over several hours on Friday after GameStop Corp released lackluster earnings results and announced plans to sell up to 75 million shares.

GME and AMC meme coins have experienced double-digit losses in the past few hours. GameStop's Q1 earnings report shows declining sales and increased losses. Meme coins may surge over the weekend following Roaring Kitty's return to YouTube.

Within three days, the token skyrocketed by over 3,700% before plummeting after Gill briefly went silent. Read more:GameStop shorts lose over $1 billion in mark-to-market losses on Monday amid meme-stocks demand However, the GME token began another leg up on Monday when Gill revealed he had a position of 5 million GameStop shares and 120,000 $20 strike call options worth $260 million at the time.

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