U.Today – Renowned short-selling agency Citron Research praised the original meme cryptocurrency (DOGE) and announced that it will no longer tiny GameStop (NYSE:).
The agency sends its clients a newsletter in which it informs them about companies that it considers overvalued or has noticed involvement in frauds, frauds, etc. It also tries to identify abuses on financial markets and strives to expose terminal business models.
Citron Research glorifies DOGE and sides with GameStop
The agency’s tweet quoted by Chinese cryptocurrency blogger and journalist Colin Wu says that Citron Research is no longer tiny GME. Revealing the reason, Citron says it’s not because it believes the company’s fundamentals will change dramatically in the future, but “with $4 billion in the bank, they have enough runway to reassure their iconic shareholders.”
The reason is that they chose to respect the irrationality of the market. Here they mentioned Dogecoin as an example of a similar asset that is worth $20 billion in terms of market capitalization and is in some sense representative of “market irrationality”: “We respect the irrationality of the market. After all, Dogecoin remains a $20 billion entity.
However, according to Reuters, Citron Research founder Andrew Left said that if GME reaches $45-$50 per share, he will start shorting it again.
GameStop Should Buy: Scaramucci, Mow
Last week, GameStop published its financial results for the first quarter of this year and shared its intention to issue more shares – as a result, the share price fell. The company rose to fame in 2021 after a tiny squeeze. Several prominent figures from the financial and cryptocurrency world have suggested that GameStop should start buying Bitcoin and adding it to its corporate treasury.
These two influencers were Anthony Scaramucci and Bitcoin Jan3 CEO Samson Mow. The latter believes that in such a case, both BTC and GME would immediately see “Godzilla candles”.
