The GameStop hype is quietly dying down as its market value continues to sink with each passing day. Despite tanking evaluations, however, the stock price still remains 300% higher than it was at the start of the year.
While many people stopped keeping their eyes on GameStop at the end of last week, the dedicated following on Reddit are still keeping their dream alive. Memes about buying and holding GME – GameStop's stock symbol – litter its homepage, and it's clear the frenzy is yet to reach its conclusion. Although the current share value is well below its peak of over $300 at the end of January, it's still 300% higher than it was to start out the year.
Coming into 2021, GME was trading at around $17 per share. Today, it sits at around $60 – more than 300% higher than its value before the retail investor surge. Its price has stabilized throughout the day as well, with only minor price fluctuations compared to the frenetic swings seen in previous weeks. It's unclear when – or if – the so-called "Reddit army" will sell their shares, but they've no doubt had a massive impact on the marketplace.
As with all interesting real-life events, the GameStop saga will officially be turned into a feature length documentary. The film and television studio XTR is joining up with the production company Optimist to create a "nuanced documentary that can capture this landmark moment as it unfolds." With stock prices still wildly inflated compared to earlier this year, it seems that an ending to their film is yet to be determined.
Throughout all of this, GameStop has remained oddly quiet. It's Twitter account didn't stop posting its usual assortment of deals, discounts, and gaming promotions, completely avoiding the stock market situation. The company recently introduced a few more executives to its board, but the struggling retail chain's future is still very much up in the air.
GameStop's stock continues to fall, but it could be a while until it's back to the $17 per share we saw earlier this year.