In the famous “GameStop short squeeze event” in 2021, Keith Gill, who led retail investors to engage in a tug-of-war with Wall Street short-sellers on GameStop, awakened on the X platform yesterday (13), triggering a surge in GameStop stock prices and related meme coins.
(Background:
GameStop NFT Extinction: Is it a profitable business for traditional companies to enter the cryptocurrency market?
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Table of Contents
Keith Gill’s Suspected Return
GME Surges 110%
Surge in GME and Roaring Kitty-related meme coins
Boosting the surge of multiple meme coins
The American video game retailer GameStop faced difficulties in January 2021 due to its outdated business model and the impact of the COVID-19 virus, leading to multiple Wall Street institutions shorting its stock.
However, a Twitter user named TheRoaringKitty (real name Keith Gill) called on retail investors to actively buy GameStop stocks (GME) to confront Wall Street capital, thus creating the famous retail investor vs. Wall Street event known as the “GameStop short squeeze event.”
Further reading:
GameStop short-selling fund loses 53%! Melvin Capital has closed its position and injected $2.75 billion in emergency funding.
Keith Gill’s Suspected Return
Just yesterday (13), Keith Gill, who had been dormant on the social platform X for over 3 years, awakened once again. In his first latest tweet, although there was no text explanation, a meme image showed a man sitting in a chair, transitioning from a lying position to a leaning forward position, holding something that looked like a game controller in his hand.
In response, many members of the community speculated that this indicated Keith Gill’s possible return?!
GME Surges 110%
In the absence of any other official news from GameStop, according to Google Finance data, GameStop stock (GME) experienced a surge since last night. It rose from $17.45 to a high of $36.70, doubling in just one day, which is extremely remarkable.
Although it slightly declined at the closing, the after-hours market has reached a new high at $36.90, showing the enthusiasm of investors.
GME Stock Price
Surge in GME and Roaring Kitty-related meme coins
Possibly inspired by this, a wave of meme coins related to GameStop and Roaring Kitty also surged on various chains yesterday. These include GME (GameStap) and KITTY (Roaring Kitty) on Solana, as well as GameStop meme coins with the same name (GME) on Ethereum…
Among them, KITTY on Solana had the highest popularity and largest increase. According to DEXSCREENER data, KITTY, deployed on Solana a month ago, rose from a low of $0.0002118 to a high of $0.04093 yesterday. At the time of writing, it had fallen to $0.03461, but its astonishing 24-hour increase reached 16,600%, and its market value soared to $25 million.
KITTY trend. Image source: DEXSCREENER
Interestingly, Keith Gill released several short videos related to movies and TV series last night. Although there was no explanation for the release, shortly after a video related to Wolverine from X-Men was released, over 30 meme coins related to Wolverine appeared on blockchains such as pump.fun, Solana, and Ethereum.
In response to this Meme frenzy caused by Keith Gill, some community members expressed that it is a tribute to the once sensational “GameStop short squeeze event.” However, the platform reminds investors that meme coins often come with high volatility and high risks, so one should also pay attention to investment risks when participating in market trends.
Related reports:
Forbes Magazine: “Bitcoin Could Become the Next GameStop!” Retail Investors May Enter the Cryptocurrency Market with $1.3 Billion in Shorts.
Changing the Rules of the Game! GameStop Launches Ethereum NFT Platform: Creating Value for Players, Creators, and Collectors.
GameStop Plunges 85% in Four Days, Has the Retail Investor Frenzy Passed? Dallas Mavericks Owner: There May Be a Turnaround After Robinhood Resumes Trading.