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Home CRYPTO

GameStop Inspired Solana Meme Coin Surges 65% In Minutes Following Roaring Kitty’s Return

Michael Juanico by Michael Juanico
December 5, 2024
in CRYPTO, FEATURED, SOCIAL
Reading Time: 4 mins read
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  • Keith Gill, better known online as Roaring Kitty, has reemerged on social media, reigniting interest in GameStop and meme stocks.
  • Keith Gill posted on social media for the first time in three months, instantly impacting the markets.
  • Gill’s influence extends beyond traditional markets into the crypto space.

Keith Gill, better known online as Roaring Kitty, has reemerged on social media, reigniting interest in GameStop and meme stocks. His latest cryptic post on X (formerly Twitter) has sent waves through both the stock and crypto markets, echoing his influence during GameStop’s infamous short squeeze in 2021.

JUST IN: Solana $SOL meme coin $GME spiked 65% in 5 minutes following @TheRoaringKitty recent post 🤣 pic.twitter.com/qMWan2ZotD

— BlockNews (@blocknewsdotcom) December 5, 2024

A Viral Post that Moves Markets

On Thursday, Keith Gill posted on social media for the first time in three months, instantly impacting the markets. His post featured a modified version of Time Magazine’s iconic 2006 “Person of the Year” cover, replacing its original elements with meme-worthy details like the numbers “69” and “420.”

This seemingly innocuous post sent GameStop shares climbing by 7% to $28.93, peaking near $31 before a temporary trading halt on Nasdaq. The post also fueled a spike in the Solana-based meme coin GME, which surged 72% in minutes to $0.0089 before stabilizing at $0.0067.

Gill’s History of Market Influence

Gill, also known as DeepF***ingValue on Reddit, rose to fame during GameStop’s 2021 short squeeze, where retail investors rallied against Wall Street short sellers. Dubbed a “nihilist’s Warren Buffet,” he became the movement’s de facto mascot, using cryptic online posts to mobilize a legion of traders.

In September, another Gill post—this time featuring a meme from Pixar’s Toy Story 2—briefly caused a 3.7% dip in Chewy’s stock price. The pet supplies retailer rebounded shortly after, but the incident highlighted Gill’s enduring ability to influence markets with minimal effort.

The Evolution of GameStop and Meme Stocks

GameStop’s meteoric rise during the meme stock craze prompted regulatory scrutiny, with SEC Chair Gary Gensler calling for reforms in equity market settlement times. The retail-led movement caused seismic shifts in market dynamics, forcing institutions to adapt to the power of collective retail trading.

Gill’s resurgence has reignited interest in GameStop, with the stock briefly touching $48.75 in April during his return to social media. While its price has since settled, the stock’s movements continue to reflect the fervor of its retail investor base.

Theafricalogistics.com

The Crypto Connection: Meme Coins on the Rise

Gill’s influence extends beyond traditional markets into the crypto space. The Solana-based GME coin’s dramatic price surge following his post underscores the growing crossover between meme stocks and meme coins. The coin, which shares its ticker with GameStop, saw trading volumes spike within minutes of Gill’s social media activity.

A Return to Streaming Amid Regulatory Scrutiny

In June, Gill returned to YouTube after a three-year hiatus, discussing GameStop’s financials cautiously. His comeback coincided with reports of investigations by the SEC and Massachusetts regulators into his online behavior. Despite the scrutiny, Gill has remained a prominent figure in the retail investing landscape.

Six months ago, Gill’s last Reddit post revealed holdings of GameStop shares and cash valued at $268 million. At their peak in June, these holdings, including options, were worth $586 million, further cementing his reputation as a high-stakes trader with an uncanny ability to galvanize markets.

Conclusion

Keith Gill’s cryptic posts and market-moving influence demonstrate the ongoing power of meme culture in finance. Whether through GameStop, meme stocks, or crypto tokens, his actions continue to resonate with a loyal community of retail traders, shaping the landscape of modern investing.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptoGameStopKeith GillRoaring Kitty
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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