GameStop's (GME) stock price has been on a downward spiral over the past five days, with a significant drop of 7.11% to $23.97. This decline is part of a larger trend of volatility surrounding the meme stock. Unusual options activity was detected on Friday, leading to a 3% drop in the stock price. This unusual activity has resulted in a surge in implied volatility, signaling high uncertainty and speculation about the stock's future movements.

The options market is experiencing significant volatility, with the $125 calls expiring Friday seeing a massive spike in implied volatility (IV). This increase in IV suggests that traders are expecting significant price fluctuations in the near future. As a result, the stock price may experience additional volatility as these positions are bought and sold.

The return of influential trader and GME bull, Roaring Kitty (Keith Gill), has also contributed to the recent volatility. Gill's bullish posts and livestreams have driven the stock's price in the past, and his recent increase in GME shares from 5 million to 9 million has had a significant impact on the stock's price. However, his recent silence has coincided with the current price dip.

GameStop CEO Ryan Cohen's announcement that the company plans to operate a smaller network of stores nationwide and focus on profitability has also had a negative impact on the stock price. The announcement led to a 13.4% drop in the stock price, with the price continuing to decline to $23.97.

In conclusion, GameStop's stock price has taken a significant hit, down 7.11% today. The volatility surrounding the meme stock is expected to continue, driven by unusual options activity, influential traders like Roaring Kitty, and announcements from the company's CEO. As the stock market continues to evolve, investors will be watching closely to see if GameStop's stock price can recover from this recent downturn.