- An altcoin inspired by the Gamestop (GME) short-squeeze frenzy of 2021 has seen a massive surge of over 2,000% following an internet appearance by the movement’s leader, Keith Gill, also known as “Roaring Kitty”.
- Gill’s posts are his first since mid-2021 when he led the movement to pump the price of GME, causing several large institutions that were short the stock to lose money.
- GME, a memecoin launched on Solana (SOL) in January, has skyrocketed about 2,113% in the last 12 hours alone, trading just over a penny after starting the day below $0.00049.
Following a social media reappearance by Keith Gill, the leader of the 2021 Gamestop short-squeeze, the GME-inspired altcoin has seen a massive surge of over 2,000%.
Roaring Kitty Returns, GME Skyrockets
Keith Gill, who pseudonymously goes as “Roaring Kitty” on social media, posted a gamer meme early on Monday, marking his first internet appearance in nearly three years. Since then, he has posted several other videos. These posts are Gill’s first since mid-2021 when he led the movement to pump the price of GME, causing several large institutions that were short the stock to lose money. Following his posts, GME has seen a significant increase, currently up over 85% in a single day.
GME-Inspired Altcoin Sees Massive Surge
As the resurgence of GameStop spread to digital assets markets, GME, a memecoin launched on Solana (SOL) in January, has skyrocketed about 2,113% in the last 12 hours alone. It is currently trading just over a penny after starting the day below $0.00049. Giacomo Pierantoni, head of data at hedge fund Vanda Research, told Bloomberg that such spikes in retail trading have historically been “contrarian” signals, prompting institutional investors to quickly short the stock following these rallies driven by retail investors.
Conclusion
The return of Roaring Kitty has caused a significant stir in both the stock and digital assets markets. As the GME stock and the GME-inspired altcoin both see massive surges, it remains to be seen how this will affect the overall market in the long run. However, investors are advised to exercise caution and conduct thorough research before making any investment decisions.
