GameCube will die, but it is not dead yet. It's been confirmed that the system is still in production and shipped to stores:
http://www.eurogamer.net/article.php?article_id=73353
http://www.n-sider.com/newsview.php?type=story&storyid=2652
http://www.gameindustry.biz/content_page.php?aid=22998
Because of that fact and the fact that existing GameCube games from Nintendo are still being produced, Nintendo has not pulled the plug on the GC entirely. And new games are still going to be released for it, like Radio Allergy which I'm definitely going to buy when it's been released.
So until the GC is no longer being produced and zero games are being released for it, the GC is alive.
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