GameStop Surge Elevates Meme Coins; PEPE, FLOKI, and MOG Experience Sharp Rises
Crypto News– Top meme coins climbed higher Tuesday after a viral post by retail trader Keith Gill, whose cult following contributed to the GameStop short squeeze of 2021, sent some stocks and tokens flying at the start of the week.
Keith Gill’s Influence
Gill, who turned $58,000 into an estimated $50 million between 2019 and 2021 by buying GameStop (GME) options, sparked a run in the stock after posting from his @TheRoaringKitty X account for the first time in three years. A mere picture posted by Gill sent the stock skywards, nearly doubling in value on Monday despite multiple trading halts, even as Gill did not directly mention GameStop.
Ripple Effect on Token Markets
GameStop’s retail euphoria quickly spread to token markets. Several offshoots and joke tokens referring to GameStop, Gill, and his online kitten persona flooded Solana and Ethereum blockchains – with a meme GME token surging as much as 500%. A video featuring the X-Men character Wolverine posted later on by Gill caused dozens of WOLVERINE tokens floated by opportunistic developers, most falling over 90% in the hours following.
Major Meme Coins Rally
The action was not limited to microcaps. Larger tokens such as Pepe (PEPE), Floki (FLOKI), and cat-themed tokens Popcat (POPCAT) and Mog (MOG) jumped as much as 30% in the past 24 hours, data shows. This revival indicates an early sign of risk appetite returning to the crypto markets following weeks of relatively quiet trading action.
Gill’s Enduring Appeal
Among developers and traders, part of Gill’s influential appeal isn’t only that he has made generational wealth. It’s the allure of a single trader taking down hedge funds from his bedroom using publicly available tools and the chance of them landing a similar move.
FAQs
Who is Keith Gill and why is he influential?
Keith Gill is a retail trader known for his role in the GameStop short squeeze of 2021. He gained a cult following by turning a $58,000 investment into an estimated $50 million. His influence stems from his ability to move markets and the appeal of a single trader challenging large hedge funds.
What caused the recent surge in meme coins like PEPE, FLOKI, and MOG?
The recent surge in meme coins was triggered by a viral post from retail trader Keith Gill, also known as @TheRoaringKitty. His post led to a significant increase in GameStop (GME) stock, which in turn influenced the token markets, causing several meme coins to skyrocket.
How much did GameStop stock increase following Gill’s post?
Following Keith Gill’s post, GameStop stock nearly doubled in value on Monday despite multiple trading halts. The surge was significant even though Gill did not directly mention GameStop in his post.
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