Missed Gamestop? Kai Cat Coin Is Another Potential Sleeper Ready To Pump
The meme stock rally led by Reddit WallStreetBets traders fell flat over the week ending May 19, after a tremendous surprise rally on Monday and Tuesday last week. From a big yawn of a sideways trading channel with support at the $10 level, GME shares suddenly surged to above $60 before settling as suddenly as they rallied to $22/share by Sunday evening in New York.
Is the GameStop feeding frenzy over? After GameStop shares fell another 20% on Friday, CNBC reported that the company cashed in on the meme craze too fast, instead of letting it ride: Shares tumbled after the Texas-based video game retailer revealed in a regulatory filing that it will sell as many as 45 million common shares at the market price.
Like Admiral Ozzel coming out of lightspeed too close to the Hoth system, the company may have put a premature end to what could have been another epic bull run:
“In a new regulatory filing, the video game retailer said it will sell up to 45 million class A common shares in an at-the-market offering. The sale comes after GameStop shares surged earlier this week in a brief revival of the meme stock trade.” (CNBC, May 17)
Back in Jan. 2021 when GameStop, AMC, and other meme stocks rallied, GME shares flew as high as $80– in 2021 dollars. So add like 6% – 10% to keep up with the printing press, and this scrum could have been en route to $88.
Will Kai Cat Coin ($KAI) Be The Next Roaring Kitty”
One reason cryptocurrency markets have flourished and avoided regulatory capture by the SEC despite their wildly ungentlemanly way of doing business using Internet technology is— they understand economics and apply economic thinking to their tokens’ supply and demand.
The most successful projects do this like engineers respect gravity and other inviolable laws of nature. Kai Cat Coin, new on Ethereum and currently in presale for the fixed, pre-market price, is one of those projects that follows a “tokenomic” approach to issuing currency.
Gamestop Rally Falls Foul: Kai Cat’s Up To Bat
In addition to Gamestop’s big corporate stock sale announcement– in all proper compliance with securities regulation if the company’s board of directors wants to flood the market with new supply— the company also reported it expects first-quarter sales to drop over its revenue from sales in the first quarter of 2023:
“Meanwhile, in a separate statement, GameStop said it now expects net first-quarter sales in the range of $872 million to $892 million, down from around $1.24 billion in the same quarter last year. Two analysts polled by FactSet said they expected a first-quarter revenue of around $1 billion.”
So by a fundamental analysis of the company’s revenue performance to its stock price, this news was a big headwind for the Gamestop rally to continue.
Those who were in there early and had some GME shares in their portfolio from the previous rally (or who had an ear to the ground and made a small early play for big profits— see May 2 – May 13 on the chart below) 4x – 5x’d their principal for a 300% – 400% gain in one week’s time:
Although they are both meme assets with liquid markets, Kai Cat is a different animal from Gamestop altogether. GME is a corporate stock. $KAI is a currency built on Ethereum, the world’s leading AI finance platform. It’s still early for investors to get $KAI Coin in their bags, with the project still in presale.
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