What is GameStop?

GameStop (GME) is a video game company that sells video games, merchandise and other computer gadgets and accessories. Founded in the United States, the company has retail stores all over the world, including Europe, Canada, Australia and New Zealand.

Since 2010, the gaming retail business has been declining. This has pushed GameStop to close many of the stores they had. Those users that are searching for “GameStop near me” should know that the retail stores continue closing. This is similar to what happened to blockbuster in the past.

In addition to it, GameStop hours are usually the traditional business hours of the place where you live. You can check that on the official site of the GameStop close to your home.

GameStop Decline

Gamestop decline started with the expansion of online gaming and platforms that sold non-physical video games. This has certainly affected the firm that was relying on retail sales of physical video games.

The same has already happened to Blockbuster. The company was selling and renting video games and movies. Due to the expansion of streaming services and other online solutions, Blockbuster had to close all of its stores with the exception of one of them.

In recent months, Gamestop became popular due to its stock price increase pushed by the WallStreetBets movement.

What is GameStop Prestige?

GameStop prestige is the term used to describe GameStop stores that allow users to get access to different services not offered at a regular store. For example, one of the services offered by GameStop prestige is related to returning or changing a game or product that you purchased at any of their stores.

Nevertheless, the solutions offered by traditional stores were almost the same as GameStop prestige. Indeed, in many cases, you could return games or get support in a standard GameStop store. However, prestige stores seemed to be more efficient and prepared to help users.

GameStop Stock

In early 2021, Gamestop’s stock experienced a rapid and aggressive price increase. This was pushed by the WallStreetBets Reddit group. This allowed the Gamestop stock price to reach a price of $347 per stock at the end of January 2021.

The goal was to generate a short squeeze of hedge funds created by retail users trading in platforms such as Robinhood. Due to this strategy implemented by the r/WallStreetBets subreddit, it was possible to massively increase losses to hedge funds that were shorting this stock.

It is worth taking into consideration that GameStop was not the only company that experienced a sudden price increase thanks to the r/WallStreetBets movement. Blockbuster and Nokia have also moved higher in recent weeks.

However, the price of these stocks, including Gamestop, fell in just a few days to almost the values they had before the short squeeze. The main question is whether this situation experienced by Gamestop stock could be seen on other stocks.

Gamestop Multi-Year Strategy Partnership

Gamestop has also launched a new multi-year strategic partnership with Microsoft in order to expand physical and digital video game offerings. According to the company, they could leverage the vast network of customers they have to standardize its business operations on Microsoft’s cloud solutions and hardware products.

Jim Bell, GameStop’s Chief Financial Officer, stated:

“We believe Microsoft’s integrated retail technology platform will enable the continued development of our frictionless omni-channel digital environment, providing customers with an exceptional cross-channel experience for all things video gaming.”

Moving to Cryptocurrencies

The r/WallStreetBets movement has also pushed digital assets higher. The one, in particular, that was moved to new all-time highs and record prices was Dogecoin (DOGE). Dogecoin is a meme coin that is now among the largest virtual currencies in the world.

The main feature is its logo, which represents a Shiba Inu dog. At the same time, other recognized figures in the technology world such as Elon Musk have also been pushing for a higher Dogecoin price.

The virtual currency reached a price over $0.08 a few days ago when the coin was usually traded below $0.01. Traders and investors were able to make a lot of money with the recent price increase. However, those who bought at the top are still waiting for the correct moment to exit their trades.

In the future, it is expected to see new stock and crypto movements created by the r/WallStreetBets movement. At the moment, we cannot predict which is going to be the next stock to be pumped or short squeeze in traditional financial markets.

Read More: Could Ethereum Reach $3,000?