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In late 2020 and early 2021, Gamestop (GME) was the man. EVERYBODY wanted a part of it, and the sensation around it warranted a full-length feature movie called, fittingly, Dumb Money. In the years since, GME has fallen out of favor as a meme stock, replaced by the likes of Strategy (MSTR).

Desperate for renewed attention, GME decided to steal MSTR’s playbook and, you guessed it, announced they would spend a ten-figure sum of Bitcoin since, ya know, store of value. That had the intended effect, blasted the stock higher for about a day.

As usual, and has been done so many times before, the lovely people at GME decided to take advantage of the higher price and announced a ton more stock for sale, which had the effect of totally destroyed the stock price. Congratulations to those who bought into the BTC announcement and, just hours later, are looking at a 30% loss in value.

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