Are you ready for fireworks?
An explosive financial summer??
Well there’s about to be a colossal collision that brings together the two groups that legacy
finance is oh so scared of.
Crypto and Degenerate stonk traders, like the ones from Wall St. Bets.
So, my question to you is this…..do you smeeeellllllllllllllll what GME is cooking!?
I do, because it’s time for Chico Crypto!!
Errr body in club knows about GME!!
Gamestop stonk….it’s what set off the financial fireworks at the beginning of the
year!
January 2021, a short squeeze of the stock of the American video game retailer GameStop
, caused major financial consequences for certain hedge funds and large losses for the
nasty short sellers.
This short squeeze was primarily triggered by users of the subreddit r/wallstreetbets...but
soon after a number of hedge funds also participated.
At its height, on January 28, the short squeeze caused the GME stock price to reach a pre-market
value of over US$500 per share, nearly 30 times the $17.25 valuation at the beginning
of the month.
Now this battle is far from over, as you can see the stock price got rekted back down to
below 50 dollars, just past mid february...but it started to rise once again and into March
broke back above 300 dollars, although it has since settled back down below, and looking
at the price today, GME is 222 buckaroos!!
GME since March is consolidating, and finding a range…..before the NEXT BIG MOVE…
And Chico Crypto thinks that move is WAY the freak up….another massive short squeeze
is on the horizon!
There are hints that it’s coming this summer….
What hints?
Well don’t you remember last week...when the news dropped about gamestop getting into
crypto with the mysterious release of a landing page.
Nft.gamestop.com
It shows a gamestop video game cartridge, with an Ethereum Logo on it.
That gets plugged into an Ethereum game player.
This causes it to power up and read: Power to the players, Power to the creators, power
to the collectors.
Exciting to say the least, now are you Ready to dive down the Chico Crypto Rabbit hole
which is gonna get really tight, squeezable tight?
Let’s begin, before the first squeeze even happened.
Last year, November of 2020 Ryan Cohen founder of Chewy.com and former CEO, disclosed to
the public his large stake in Gamestop, nearly 10 percent and he sent this letter to the
Board.
He explained in bold they were failing because of their unwillingness to embrace the digital
economy.
Yeah, digital….the non-physical world.
Then once again, in bold this was said “Gamestop’s Leadership must promptly pivot from a brick-and-mortar
mindset to a technology-driven vision”
He specifies what this means below.
“A pivot toward becoming a technology-driven business that excels in the gaming and digital
experience worlds” He says this could be done by “cutting its excessive real estate
costs and hiring the right talent, it will have the resources to begin building a powerful
e-commerce platform that provides competitive pricing, broad gaming selection, fast shipping
and a truly high-touch experience that excites and delights customers.”
Well that shook the board to the core, as Ryan is now in charge and the chairman of
the Gamestop board….
Now going back to what ryan said in the letter...this relates a ton to what was just released nft.gamestop.com...nfts
are the future of the gaming digital economy.
Ryan said gamestop was failing as they weren’t embracing this digital economy.
Ryan wanted a technology driven vision, which included hiring the right talent!
Ok bringing Ryan on board was the first step in that...and since Ryan has been on a spree!
Getting top talent from the best: Amazon, Chewy, Facebook, Google and more….
But there were some BIG hires made for this NFT based project too which I think relates
more to that letter and vision.
Matt Finestone announced he would be building the blockchain division for Gamestop through
his twitter last week.
But Who is Matt?
Matt was the business development director for Loopring, the creators of the first publicly
accessible ZK rollup for the Ethereum mainnet which has been live and evolving for 18 months
now.
It’s a well known and secure scaling solution, that even Vitalik called out for users to
start using it in September of 2020.
It’s a strong Ethereum project technically and Matt is the top talent that helped get
it to where it is!!
Who else has been hired?
Well a foobar tweeted he had joined matt, in early May, even before the announcement.
Who is Foobar?
Well he is top NFT solidity talent, working on some of the bigger Ether NFTprojects.
From his profile...mooncats and cryptopunks.
The other person we know that is hired is Spike, a top talent NFT designer who has done
some work with decentraland…
So this vision of Ryan’s is in motion, a Plan that he had a LONG time ago & his plan
includes the definitive future of gaming and digital worlds.
NFTs….
So what is Gamestop’s plan with the NFTs?
Well it’s obvious from the landing page.
It’s an Ethereum gamestop cartridge, getting plugged into an Ethereum based gameplayer.
They are going to be turning video game titles into NFTs that are powered by Ethereum and
it’s virtual machine!
Purchasers can finally resell their used digital games, which has been impossible in the past.
The retailer and the studios could get royalties after every secondary sale, forever….
But how will they get the publishers, studios, and more on board?
Xbox, Playstation, and more have a grip and hold on that?
Well what did the player say when the game was turned on?
Power to the players, power to the creators, power to the collectors.
Obviously Gamestop is going to be pulling a Netflix...What does this mean?
They will be pushing to get the smaller studios on board first and they will be creating their
own content, their own games...they will be pushing forward the first use case NFT use
case at a large scale.
This doesn’t just put them as a leader in digital gaming, but a leader in NFTs, which
means they will even have an upper hand on the digital landscape of gaming than something
like STEAM.
So, this is BIG but when could something like this be coming and why would it cause a GME
stonk squeeze???
Well the nft website, below had an ethereum address…
Using Etherscan, and checking out the address.
It’s for a Token (Gamestop GME)!
A token, now why would they need their own token gamestop GME?
Unless they were planning to do something else, besides NFTs.
You can click on contract within Ethere scan to check out the code, and within this you
find Gamestop Anon..written at the top... but further into the code, you can find this…”uint
public launch date=1626261600”
That is a unix timestamp, and if we convert it, the public launch date is coming July
14th 2021!!
That is only in a month and a half friends, and if you go back to Foobar’s tweet about
being brought on for the project, he said it’s going to be HUGE from the start…
But there is more to this than meets the eye & gamestop gave some BIG hints on the day
they dropped the landing page, May 17th 2021.
On the landing page, is the biggest HINT of all.
There is a tiny white dot in the corner, if you click that it takes you to a new page
that has what was in the source Ethereum code.
Game on Anon, but also a Cat in a banana suit, which is a game, you press space to start
and it’s you on the moon, jumping over stuff…
Why is this important?
Well that Cat in the Banana suit, is from a Japanese Animated series Bananya, where
these entities, Bananya’s come from a magical tree in outer space.
The series ended in 2016, and it’s popularity isn’t anything new, it's old...so why does
Gamestop have a Bananya in that game on the NFT website?
Well as you can see, they have a Plush Toy that was recently released on a funny date
of 4/20.
It’s a gamestop exclusive, and as we can see in the description…..it’s squeezable!!!
That Game is a total hint of a squeeze on GME stonk, that is coming.
It’s coming on or around the UNIX Timestamp they hinted at in the code.
July 14th 2021.
Why the squeeze?
The GME Token, is a token for crypto dividends, that will be announced then.
GME is pulling an overstock!
What happened with Overstock?
In the summer of 2020 they announced a crypto dividend to be paid to its shareholders.
This caused a massive short squeeze on the stock.
Why?
Overstock was the sole source of that crypto, and they did not distribute it into the public.
When they announced the dividend, there was ZERO supply for this crypto.
Shorts were 100% incapable of covering the cost of paying the dividend, and they only
option they had was to cover.
The shorters, hedge funds etcetera went after Overstock filing lawsuits...but Judges ruled
in favor of Overstock, thus cementing that this digital dividend is good to GO!
And finally, there is this hint from the Ryan Cohen CEO.
At the exact same time, the contract was released for the NFTs, Ryan tweeted something…
This tweet is a clip from American Dad, with one of their characters getting a hard on,
in shorts which floats them to the top.
Short Floats?
Short float shows the percentage of shares that are shorted relative to the number of
float shares and this percentage reflects the market sentiment about the underlying
company.
Ryan was tweeting Shorts are about to GET REKT.
Cheers I’ll see you next time!