- Shares of GameStop and related meme coins surged after retail trader Keith Gill (aka “Roaring Kitty”) hinted at his return to trading by sharing a meme on Twitter.
- GameStop’s share price rose 111% on Monday, while meme coins like GameStop coin GME, AMC token, and KITTY coin saw massive gains ranging from 1,775% to 8,000%.
- Keith Gill gained fame for sparking the GameStop short squeeze in 2021, where he instructed an online community to buy GameStop options, causing the stock to soar 21-fold before crashing.
It’s been 3 years since Keith “Roaring Kitty” Gill shook up the markets with his GameStop short squeeze. Now, his return to trading has sparked a new memecoin mania.
Gill’s Viral GameStop Rally
In 2021, Gill gained fame after sharing analysis of GameStop’s stock on Reddit. His online posts eventually spurred an army of retail investors to buy GameStop shares and options. Within just a month, the stock rocketed from $4 to over $120.
Gill’s $53,000 investment reached nearly $50 million at its peak. His profitable trade against Wall Street cemented his status as an internet icon. One major hedge fund, Melvin Capital, lost billions betting on GameStop’s decline.
Meme Markets Stir on Gill’s Comeback
On Monday, Gill hinted at a return to trading after a 3-year hiatus. He shared a “locking in” meme on Twitter, interpreted by users as a signal to focus on markets.
In response, GameStop’s stock doubled intraday before settling around $30. Fellow meme stock AMC also rose 12%. Meanwhile, related meme coins surged exponentially.
For example, the unaffiliated GameStop coin GME spiked over 1,775%. An AMC token jumped over 4,500%, alongside the meme coin KITTY’s 8,000%+ gain.
Opportunistic new meme tokens also emerged, capitalizing quickly on the buzz.
The Story Behind the Hype
GameStop is a struggling video game retailer, with its stock tumbling for years before Gill’s intervention.
In early 2020, it hit an all-time low of 64 cents before Gill’s Reddit posts eventually went viral. The resulting mania around GameStop squeezed its short sellers and caused the massive price spike.
Now, Gill’s sudden return has revived interest in GameStop and meme assets. While risky, it’s a development that his die-hard followers are celebrating.
