Solana Meme Tokens Surge, GameStop Surges as ‘Roaring Kitty’ Returns on X
Crypto News– A single image shared on Monday ignited rallies in several cat-themed meme coins and GameStop stock (NYSE: GME) as online communities celebrated the apparent return of TheRoaringKitty, the X profile of retail trader Keith Gill, who made his first post since late 2021. Gill posted a meme referencing a period of ‘locking in,’ a term often used to describe intense focus or concentration.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Users on X and Reddit interpreted the image as a signal to engage more actively in trading. Stocks associated with Gill and other ‘meme stocks‘ experienced significant surges. GME prices rose by as much as 44% in pre-market trading and surged up to 100% upon market open before trading was halted. AMC Entertainment Holdings (NYSE: AMC), a cinema chain, saw a 12% increase in pre-market trading, climbing as high as 30% after the market opened.
Data indicates that in the last 24 hours, developers opportunistically released numerous tokens referencing Gill, TheRoaringKitty, GameStop, and ‘stonks’ – a meme term for stocks.
Who is Roaring Kitty?
Gill’s analysis of the video game retailer GameStop on Reddit, which began in 2019 and gained momentum during the COVID pandemic, became a viral sensation at the time. It was widely credited as a key factor in the GameStop short squeeze of January 2021, as numerous small-time traders united to buy options and leveraged shares of the company. During this period, the stock surged from $4 to over $120 in just a month, reaching thousands of percent higher than its lifetime low of 64 cents in April 2020.
FAQs
What prompted the surge in Solana meme tokens and GameStop shares?
The resurgence of ‘Roaring Kitty’, the X profile of retail trader Keith Gill, on X sparked rallies across Solana meme tokens and GameStop shares.
Who is ‘Roaring Kitty’?
‘Roaring Kitty’ is the X profile of Keith Gill, a retail trader known for his analysis of GameStop shares on Reddit, which gained traction during the COVID-19 pandemic and contributed to the GameStop short squeeze in January 2021.
What is the significance of ‘Roaring Kitty’ returning on X?
‘Roaring Kitty’s’ return on X, marked by a meme indicating a period of intense focus, was interpreted by users as a signal to engage in trading activities, leading to surges in GameStop shares and Solana meme tokens.
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