GameStop is soaring. Again.
The so-called meme stock surged 40% in premarket New York trading, following a whopping 74% surge yesterday.
The move comes after Keith Gill, better known as Roaring Kitty, broke an almost three-year social media hiatus that sparked a market frenzy.
Fellow memestock, theater chain AMC, is also up again, posting a 54% gain in premarket.
The moves mirror the early 2021 trading mania that sent the shares of loss-making GameStop to a record $81.
Yesterday, GameStop closed at about $30.
GameStop’s new rise has excited crypto investors, too.
Today’s biggest winners are Pepe, jumping 18% to hit a new all-time high, and fellow memecoin Floki, which rose nearly 10%.
GameStop the memecoin — not to be confused with GameStop the stock — is up 354% to about $0.0138.
Oddly, notable memecoins like heavyweights Dogecoin and Shiba Inu only rose 3% and 0.5%, respectively.
Newcomers Dogiwifhat and Bonk posted similarly modest gains.
The phenomenon is drawing mixed reactions.
“Crypto has been lacking new retail entrants this whole way up,” Lekker Capital founder Quinn Thompson told DL News.
“It makes sense for crypto memes to catch a bid on hopes” that retail is coming back, Thompson added.
The “brutality” of the crypto winter and collapses including FTX and Celsius haven’t helped retail participation, he said.
But will it last?
“Roaring Kitty coming back is bearish for crypto” because it is shifting attention from the space, Wintermute CEO Evgeny Gaevoy posted on X.
“The last time GameStop topped after its giga rally, Dogecoin 100x’d in three months,” crypto trader Zion Thomas wrote on X.
Better known as Ansem, Thomas is credited with flagging smart calls to his 400,000 followers. He notably touted Solana during its 2022 lows and Dogwifhat during its early days.
Both have soared since.