GameStop Surges 110% Following Roaring Kitty’s Return

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GameStop Surges 110% as 'Roaring Kitty' Returns: What's Next?
  • Keith Gill’s return to social media coincides with GameStop’s over 110% stock surge, signaling renewed market interest.
  • GameStop’s rapid climb, propelled by Gill’s return, signifies a resurgence in meme stock trading driven by online communities.
  • The stock’s rise triggers a 5% increase in Crypto Memecoins, suggesting a connection between meme stocks and cryptocurrency markets.

Wu Blockchain, a cryptocurrency and blockchain news source, reported a resurgence in GameStop stock alongside the return of Keith Gill, famously known as “Roaring Kitty,” after a three-year social media hiatus. Gill’s online presence coincided with GameStop’s stock soaring over 110%, triggering multiple circuit breakers. This surge also influenced a 5% increase in the broader Crypto Memecoin sector.

GameStop, a video game retailer, experienced a rapid rise in its shares, climbing over 70% in Monday’s morning trade to surpass $30, marking its highest level since 2022. This surge follows Gill’s reappearance, known for his role in the January 2021 rally that defied Wall Street predictions. Despite a slight price retreat, the stock’s recent performance reflects renewed investor interest.

Following his social media disappearance, Gill returned on Sunday with a cryptic post featuring a drawing of a man seemingly preparing for action. Subsequent posts on Monday further hinted at his re-engagement in the market.

The rise and fall of GameStop shares earlier this year were emblematic of meme stock trading, a trend driven by independent online traders sharing investment tips. Gill, among the most prominent figures in this movement, denied allegations of manipulating investors, attributing his social media activity to personal enjoyment. 

The meme stock phenomenon is part of a larger pattern of growing retail investor trading. Analysts believe that the first spike in meme stocks during the epidemic was caused by greater savings and free time. This year, when markets improved, retail investor activity surged on trading platforms such as Charles Schwab and Robinhood.

As of the latest update, the GameStop price surged to $0.012947 with a 24-hour trading volume of $167,602,349, representing a 429.35% increase in the past 24 hours. GameStop’s market cap stands at $89,140,304, with a circulating supply of 6,885,214,218 GME coins. 

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