Author: Tom Mitchelhill, CoinTelegraph; Translated by: Deng Tong, Golden Finance

Keith Gill is widely considered to be the instigator of the 2021 GameStop short squeeze, and his sudden and unexpected return has raised a question among speculators: Are we getting GameStop 2.0?

Many are hopeful, but at least one analyst is skeptical.

Gill was at the center of the GameStop saga during the pandemic, as Reddit traders flipped the tables on hedge funds that had been shorting what they believed were brick-and-mortar game stores that were about to go out of business — ultimately sending the price of GME soaring more than 1,000% in less than a month.

Some also believe that the GameStop short squeeze set the stage for a massive rally in the prices of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) after retail investors turned their attention elsewhere.

Gill disappeared from social media on June 19, 2021, but returned on May 13 after a nearly three-year hiatus, posting a typically cryptic meme of a gamer sitting in a chair to announce his return.

In the 24 hours following Gill’s return to X, GameStop’s stock price rose 111%, while DOGE and SHIB rose 6.2% and 5.4%, respectively, during the same period.

Comparison of price action for GME, DOGE, and SHIB since May 5. Source: TradingView

Now, cryptocurrency enthusiasts are hoping Gill’s return will spark a similar retail frenzy.

One analyst is not optimistic

However, eToro market analyst Josh Gilbert noted that this time it might not be so easy.

“I think it will certainly spark some short-term strength in these assets, but it’s hard to see any long-term prospects,” he said.

Additionally, Gilbert noted that outstanding short interest in assets like GameStop is much smaller than it was in 2021, meaning the “size of the rally” is likely to be smaller as well.

“The environment now is not comparable to 2021, when interest rates were at rock-bottom levels, governments were providing fiscal stimulus around the world, and there was virtually no inflation in major economies.”

“U.S. interest rates are at 5.5% and there is a global cost of living crisis underway. In short, consumers are unlikely to be in the same position they will be in 2021, and that has a huge impact on financial decisions,” Gilbert added.

Cryptocurrency enthusiasts offer a simpler argument for their optimism.

Speaking about the recent integration between Robinhood and decentralized exchange UniSwap, anonymous trader Travis said it’s reasonable to expect a new wave of GameStop crypto enthusiasts to start buying memecoin and other cryptocurrencies through the app.

“Just a reminder that you can now trade memecoin on Robinhood. You don’t think the Roaring Kitty army will buy these?”

However, Gilbert said that, among many other factors, most investors now understand how speculative rallies end and are more likely to take a more cautious approach.

Source: Trader Travis

“I think we’re in a completely different situation than we were in 2021, which makes me think it’s unlikely that we’ll see a similar rebound,” he said.

“That being said, WallStreetBets’ 14.5 million users have shown over the past few years that anything is possible.”

Some GameStop-related memecoins, including a token called GameStop (GME) that has no formal relationship with the company, have surged amid the drama. According to Birdeye data, the GME memecoin surged more than 3,650% in a single day.

A GameStop-themed meme coin surged amid news reports. Source: Birdeye