Roaring Kitty’s New Return: Meme Stocks and Crypto Coins Explode
Release: 2024/05/15 01:49 Reading: 547
Roaring Kitty's Return Spices Up Markets, Meme Coins and Stocks Soar
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In the financial realm, few tales captivate as much as that of Keith Gill, also known as Roaring Kitty. This erstwhile financial analyst turned stock influencer orchestrated the 2021 GameStop (GME) short squeeze, sending shockwaves through Wall Street and capturing global attention. After a notable hiatus, Gill has recently resurfaced on social media, reigniting fervor in both traditional and crypto markets.
Roaring Kitty is Back! What's the Impact on Markets?
Who is Roaring Kitty?
Under the alias "DeepFuckingValue," Gill rose to prominence on platforms like Reddit and YouTube. He ardently championed GameStop, a company widely deemed to be floundering at the time. Many institutional investors and hedge funds had shorted GME, anticipating its value to plummet.
However, the narrative took a dramatic turn when GME shares, initially valued around $5.16, surged to over $490 in 2021. This price surge was largely fueled by users from the r/WallStreetBets subreddit. Gill's posts inspired a collective action to trigger a short squeeze, where rising stock prices force short sellers to purchase shares at escalating rates, further driving up the stock price.
From an initial investment of $53,000, Gill's stakes in GME skyrocketed to an impressive $48 million at the peak of the market upheaval. His pivotal role in this market anomaly brought him before Congress for testimony and was later depicted in the film "Dumb Money."
Will Cat-Themed Meme Coins Rally?
Upon his return to the public eye with a post on X (formerly Twitter) in mid-2021, Gill once again stirred the investment world. The post featured an image of an individual intently using a video game controller, sparking discussions in stock investment circles and the crypto domain.
The resurgence of interest following Gill's tweet extended to meme coins, a sector notorious for its high volatility and speculative nature. For instance, the Roaring Kitty (KITTY) meme coin witnessed remarkable trading activity, with one trader turning a $3,000 investment into $94,000 overnight due to a sudden price surge.
Now, investors and observers alike are contemplating the future of meme coins in this resurgent market environment. Several of Gill's videos suggest a potential preference for cat-themed meme coins, possibly heralding the next major rally in this quirky asset class. On-chain Analysis firm Lookonchain indicates that astute investors are already positioning themselves in cat-related meme coins like POPCAT, MANEKI, and KITTY.
"Perhaps the next Dogecoin (DOGE) will emerge from among the cat-themed meme coins," Lookonchain opined.
Roaring Kitty's Return Sparks Meme Stocks Rally
GameStop's shares have rallied over 70%, reminiscent of a few years ago. This time, it was attributed to the return of trader and investor Keith Gill, better known as Roaring Kitty. Gill's posts on X sent GameStop and AMC Entertainment's stocks soaring, gaining 77.5% and 77.9%, respectively.
This dramatic market reaction marks the first time Gill has been publicly active since his last appearance approximately three years ago. The enigmatic post swiftly garnered over 12 million views, further fueling speculation and excitement among traders. GameStop witnessed its shares peak at a staggering 110% increase before stabilizing. The trading frenzy was so intense that it triggered multiple daily trading halts. Similarly, AMC shares also experienced a significant uptick, with prices doubling at one point during the trading session.
Meme Coin Market Resurgence
PEPE has soared, with its price surpassing the $0.000010 mark for the first time since March 15. At the time of reporting, PEPE is trading at $0.00001086, marking a 22% increase in the past 24 hours, according to data from CoinGecko. The coin's trading volume has also surged by 290.5% to $2.14 billion, with its market capitalization rising to $4.35 billion, making it the 28th largest cryptocurrency by market value.
The return of Roaring Kitty has sparked a meme coin rally, with Solana-based GameStop memecoin (GME) surging over 350% and AMC token witnessing an over 900% increase. Established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced modest gains, rallying by 7% and 7.5%, respectively, according to CoinGecko data.
The Impact of Social Media on Financial Markets
The return of Keith Gill, a figure closely associated with GameStop's stock rally in 2021, has unleashed a torrent of Solana-based meme coins via the pump.fun protocol. GME Stonks, GameOver, and KiethGillWifHat are just a few examples of tokens launched through pump.fun in the last 24 hours following Gill's meme on Twitter.
Andrew Tate's Bold Move
Former professional kickboxer turned social media provocateur Andrew Tate claims to have liquidated $500,000 in Bitcoin to invest in GameStop and meme coins to spite hedge funds. "There's a hedge fund manager who, when he wakes up tomorrow morning—if GameStop opens at the current price—he's going to lose $13 billion dollars," Tate said in a Twitter video. "His entire hedge fund!"
Tate's Reddit-inspired hypothesis echoes the 2021 theory surrounding the same stock. With the return of Roaring Kitty, it seems meme stock mania is in full swing once again. Tate declared, "I'm taking Wall Street down, watch me. Fuck 'em. Fuck 'em all."
The Future of Meme Coins and Stocks
The apparent recklessness of investors gambling on meme coins has drawn warnings from experts. Prominent DeFi sleuth ZachXBT highlighted that 12 Solana memecoins allegedly raised $26.7 million from investors before abruptly abandoning the projects.
eToro Market Analyst Josh Gilbert remains skeptical about the sustainability of the current rally. "I think it will certainly ignite some short-term moves from these assets, but it's hard to see any longevity," he said. Gilbert noted that the outstanding shorts on assets like GameStop were much smaller than in 2021, implying that the "size of the move to the upside" would likely be more modest.
Conclusion
Roaring Kitty's return has undoubtedly reignited enthusiasm in both stock and crypto markets, with meme coins experiencing significant surges. While the impact of social media on financial markets is undeniable, the sustainability of these speculative rallies remains uncertain. As the market evolves, the influence of internet personalities like Roaring Kitty underscores the growing intersection between social media and financial markets, potentially reshaping investment strategies and market dynamics in the years to come.
Source: https://thebittimes.com/roaring-kitty-s-new-return-meme-stocks-and-crypto-coins-explode-tbt88333.html
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