- A new post from an influencer behind the 2021 GameStop short squeeze, Roaring Kitty, saw GameStop shares close almost 50% higher on Thursday.
- Roaring Kitty’s reemergence on social channels, and an upcoming YouTube livestream, have stoked excitement for both meme stocks and memecoins.
The highly volatile and hype-driven meme stock GameStop has once again taken a wild ride after several social media posts by influencer Keith Gill, a.k.a Roaring Kitty.
GameStop (GME) share price surged over 100% at one point on Monday, but lost most of those gains to end the day 33% higher. On Thursday US time, the stock once again rallied by almost 50% after Roaring Kitty further stoked the social media frenzy.
The posts that triggered all the action include a screenshot from Roaring Kitty that supposedly shows he owned 5 million shares of GME valued at over US$115.7 million (AU$173.5m).
And a subsequent post on Reddit that indicates he’ll hold a livestream via YouTube—due to start at 12pm US eastern time on June 7 (2pm AEST, 8 June).
Meme Stonks and Meme Coins To The Moon!
GME’s price rise follows an earlier spike in the share’s value in May after Roaring Kitty posted to X for the first time in three years.
In crypto markets, memecoins have also witnessed gains on the back of popular retail stonks rising.
In May the Solana-based meme token, also called GME, spiked a massive 1,900%, and it lifted over 100% in the past 24 hours according to data from CoinGecko.
Related: Crypto Banter Predicts Memecoins Will Explode Thanks to GameStop and Roaring Kitty
Roaring Kitty’s Reemergence Good News For GME Hodlers
During the tumultuous week for GME, the New York Stock Exchange halted trading in the shares twice due to high volatility. GME shares are currently valued at US$46.55 (AU$69.81).
Keith Gill’s latest posts are some of his first in years since he disappeared from social media following his central role in the GameStop short squeeze of 2021.
GME was the first publicly-listed stock to be touted a meme stock, based on significant retail investor buying driven by online conversations in the subReddit /WallStreetBets. Gill posted regularly about his belief in the stock—which had been heavily shorted by a number of Wall Street hedge funds— helping spur an unprecedented share price rally that led to huge losses for shorters.
Related: Unofficial GameStop Meme Coin on Solana Surges Over 300%, Unfazed by Retailer’s NFT Exit
No details are known about what Gill’s YouTube return will focus on, but his apparently bullish stance on GME has given new hope for both those with ‘diamond hands’ and those looking to make a profit when GME moons.
Gill himself is sitting on a fortune if the screenshots are to be believed. A follow-up post on Reddit about Gill’s position in the stock on June 6 shows his GME stocks are now worth over US$586 million, with a 219.16% gain.
Source:
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