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Roaring Kitty: Keith Gillâs Return Fuels Meme Stock and Coin Surges
Keith Gill's return to social media has sparked a resurgence in meme stock and coin trading, but analysts doubt a repeat of the 2021 rally
The return of Keith Gill, also known as âRoaring Kittyâ to social media has once again stirred excitement in the financial markets. Gill, who gained fame during the GameStop short squeeze of 2021, posted a meme on X indicating his return, which led to a significant uptick in the prices of meme stocks and coins.
The Return of âRoaring Kittyâ
Keith Gillâs influence on the market cannot be understated. His detailed analysis and strategic posting on Redditâs
WallStreetBets were pivotal during the 2021 GameStop saga.
At that time, his advocacy for buying GameStop options helped the stock price surge by over 1,000% in under a month, causing significant financial losses for hedge funds betting against the company.
Gillâs meme-filled return to social media after a nearly three-year break sparked immediate market reactions.
Market Reactions
Following Gillâs post, GameStop shares saw a dramatic rise of 111%, though they later stabilized at around $30.
This initial surge was mirrored in the world of meme coins, with GameStop coin (GME) increasing by over 1,775%, an AMC token soaring by over 4,500%, and the KITTY coin jumping by over 8,000%.
These movements demonstrate the strong influence of Gill and the meme stock phenomenon on both traditional and crypto markets.
Other meme stocks like AMC Entertainment also saw notable increases. The rapid price changes led to multiple trading halts due to volatility, reminiscent of the trading frenzy seen in 2021.
Analystsâ Skepticism
Despite the excitement, market analysts are not convinced that history will repeat itself. Josh Gilbert, an eToro market analyst, expressed doubts about the longevity of this rally.
He pointed out that the current economic conditions are vastly different from those in 2021.
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