- To cash in on the frenzy, shady cryptocurrency developers released a plethora of meme currencies across many blockchains in addition to regular stocks.
- Memes and GameStop stock (NYSE: GME) saw gains after a single post from @TheRoaringKitty, the X profile of retail trader Keith Gill. The post was taken by some users as advice to concentrate on particular stocks.
- A portion of the January 2021 GameStop short squeeze was caused by Gill’s cult following. GME rose over 44% in GME pre-market trading, while AMC Entertainment Holdings jumped as much as 12%
A single image on Monday caused market cults to hail the apparent resurrection of TheRoaringKitty, the X profile of retail trader Keith Gill, who posted for the first time since late 2021. This led to gains in various meme coins with a cat motif and in Gamestop stock (NYSE: GME).
Gill shared a meme that describes a moment of “locking in,” which is slang for a period of great attention or focus. The majority of Reddit and X users appeared to interpret the image as a signal to lock into trading markets.
According to DEXTools statistics, an unrelated GameStop meme coin on the Solana blockchain increased by over 550%, while an AMC token had a 1,200% increase. Certain tiny cat-themed meme coins, like kitty (KITTY), experienced a thousand-fold increase, and larger tokens, like popcat (POPCAT) and mog (MOG), saw increases exceeding 15%. The larger-cap meme currencies, SHIB and DOGE, saw increases of 5% and 7%, respectively.
According to data, in the last 24 hours, shady developers have produced a large number of tokens with references to Gill, TheRoaringKitty, GameStop, and “stonks,” a colloquial term for stocks.
Roaring Kitty
At the time, Gill’s Reddit critique of the video game shop GameStop, which began in 2019 and gained popularity during the COVID pandemic, became well-known.
It was primarily identified as the catalyst for the January 2021 GameStop short squeeze, in which a number of inexperienced traders united to buy leveraged shares and options of the company.
In only one month, the stock went from $4 to over $120, and at its highest point, it had increased thousands of percent from its all-time low of 64 cents in April 2020.
At its height, Gill’s initial $53,000 investment was valued at almost $50 million, and the tale of a lone trader who turned his bedroom into a fortune by taking bets against hedge funds went viral.
Melvin Capital, a fund that lost billions of dollars betting on the fall of meme stocks and other bets that move against it, was one of the biggest losers.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
