Keith Gill, known as @TheRoaringKitty on X (formerly Twitter), recently sparked a significant rally in both meme coins and stocks, notably GameStop (NYSE:GME), after making his first post since late 2021. The post, a meme suggestive of an intense focus period, inspired users to surge into trading, propelling GameStop shares up by 44% in pre-market trading and even doubling during market hours before a trading halt. Similarly, AMC Entertainment Holdings (NYSE:AMC) saw its shares jump as much as 30% after the market opened.
This activity extended into the cryptocurrency sector, particularly on the Solana blockchain where a GameStop-themed meme coin surged over 550%. Other meme tokens like AMC rose by 1200%, and smaller cat-themed coins like kitty (KITTY) saw increases in the thousands of percent. Larger-cap meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also enjoyed gains.
Gill, whose bullish stance on GameStop started gaining serious attention on Reddit in 2019, became a key figure in the January 2021 short squeeze that saw the stock skyrocket from $4 to over $120 in just one month, making his initial $53,000 investment worth nearly $50 million at its peak. This dramatic event impacted major hedge funds, notably Melvin Capital, which suffered significant losses due to its short positions in meme stocks.
Featured Image: Unsplash
Please See Disclaimer
