The cryptocurrency world witnessed a surge in meme coin activity following the return of Keith Gill, popularly known as Roaring Kitty, to the social media platform X. Known for his pivotal role in the 2021 GameStop short squeeze, Gill’s influence has once again reignited interest in GameStop and AMC-themed meme coins.
Meme Coins Rally Following Gill’s Return
Gill’s first post in three months, an altered version of a 2006 Time magazine photo illustration, sparked massive gains for meme coins inspired by GameStop and AMC. Although the post didn’t directly reference any tokens, the crypto sector reacted swiftly, showcasing Gill’s ongoing influence.
- GME (Solana-based) surged over 70%, hitting $0.7672 with daily trading volume spiking 203% to $51.23 million.
- GME (Ethereum-based) rose by 51%, reaching an all-time high of $0.0002487 before a 21% pullback.
- AMC, themed after AMC Entertainment, rallied over 50%.
- KITTY and ROAR, inspired by Gill’s online persona, both jumped by over 45%.
Keith Gill’s Impact on Meme Coins
Gill’s influence stems from his role in the 2021 meme stock frenzy, where retail traders united to challenge Wall Street short-sellers. His detailed analysis and viral posts about GameStop helped propel its stock to an all-time high of $81. Similarly, his social media activity has consistently triggered rallies in meme coins linked to his persona.
The cryptocurrency sector’s reaction underscores the power of social media and its impact on speculative trading. While these rallies often excite the market, history has shown that they can be short-lived. For instance, in May 2024, GME surged from $0.0035 to $0.029 after Gill’s post, only to drop to $0.0017 by August.
Altcoin Season and Investor Caution
The current rally coincides with signs of an altcoin season. The Altcoin Season Index recently hit an all-time high of 87, signaling increased market interest in alternative cryptocurrencies. Despite the gains, investors should exercise caution, as previous rallies in these meme coins have demonstrated their volatile nature.
Beyond crypto, Gill’s return also influenced the stock market:
- GameStop (GME) shares jumped 16%, reaching $30.87 before settling at $28.60.
- AMC Entertainment (AMC) shares rose 12% to $5.55.
Conclusio
Keith Gill’s return to X has once again highlighted the intersection of social media influence and speculative trading. While meme coins like GME, AMC, and ROAR saw significant spikes, their history of short-lived gains should remind investors to approach these assets with caution. As the market navigates through altcoin season, the power of online communities continues to shape the crypto landscape.
