What is driving the MEME sector?
Roaring Kitten Returns!
During the epidemic, Reddit user Gil became famous for driving GameStop to soar.
At that time, he and other netizens joined forces to fight against hedge funds that shorted GameStop, causing GameStop to soar by more than 1,000% in just 30 days.
Gil disappeared for a while in 2021, but nearly three years later, he reappeared on social media on May 13. His return once again attracted market attention, and GameStop soared 111% in 24 hours.
At the same time, meme coins: Dogecoin (DOGE) and Shiba Inu Coin (SHIB) also rose by 6.2% and 5.4% respectively. Cryptocurrency investors are looking forward to Gil's return, hoping that he can drive the prices of these digital assets up again.
However, market analyst Josh Gilbert is cautious about this. He said that while Gil's return may trigger price fluctuations in the short term, it is difficult to see the long-term sustainability of this trend.
Compared with 2021, the current economic environment has changed a lot, with rising interest rates and increasing inflationary pressures, which may have an impact on the stock market and cryptocurrency market.
