GameStop Corp. ($GME) shares experienced a massive boost on Thursday after a cryptic post by Keith Gill, the influential figure behind the 2021 “meme stock” frenzy. The post immediately reignited investor interest, causing GameStop’s shares to spike and the Roaring Kitty meme to pump.
Roaring Kitty’s Cryptic Post Sends $GME Stock Soaring 15% – What’s His Next Move?
Keith Gill, famously known as “Roaring Kitty,” has once again stirred up the markets with a cryptic post on social media platform X.
Gill, a key figure in GameStop’s 2021 retail trading frenzy, shared an image of a Time magazine cover featuring a computer with an old video player.
pic.twitter.com/tXViICmVFG
— Roaring Kitty (@TheRoaringKitty) December 5, 2024
Known online as “Roaring Kitty” on YouTube and “DeepF***ingValue” on Reddit’s WallStreetBets forum, Gill posted an image of a Time magazine cover with a computer screen on the social media platform X.
The post triggered a 15% spike in GameStop’s stock price, leading to trading halts on platforms like Robinhood due to heightened volatility.
The ripple effect extended to the digital asset market, where a GameStop-inspired meme coin on the Solana blockchain skyrocketed by 65%.
Gill, a former financial adviser from Massachusetts, initially gained fame in 2021 by championing GameStop as a retail investor opportunity.
This sparked a retail trading frenzy that sent the stock soaring over 10,000% at its peak.
Roaring Kitty Returns: Keith Gill Sparks Market Chaos After Three-Year Silence
Gill’s recent social media activity comes after a three-year hiatus, during which his followers eagerly awaited his return.
Many see him as a symbol of retail investors’ triumph over Wall Street, likening him to a modern David against Goliath.
The GameStop trading frenzy of 2021, sparked by Gill’s bullish posts, extended to other heavily shorted stocks such as AMC Entertainment.
The collective effort by Reddit users to squeeze hedge funds resulted in billions of dollars in losses for institutional investors and drew the attention of regulators.
The dramatic events of the Reddit rally were later dramatized in Craig Gillespie’s 2023 film Dumb Money.
The 2021 rally also raised questions about market fairness, particularly after trading restrictions were imposed on retail investors.
These measures drew allegations of manipulation, as hedge funds held large short positions in GameStop during the peak of the trading frenzy.
By Thursday afternoon, trading activity around GameStop had intensified, with about 300,000 options contracts changing hands—approximately 1.5 times the usual trading volume, according to a Reuters report.
The stock’s 30-day implied volatility, a measure of expected short-term price movements, also jumped to 132%, marking a three-week high.
Among the most popular trades were contracts betting that GameStop’s stock price would exceed $30 by the end of the week, with 32,000 such options traded by late afternoon.
A Solana-based dog-themed memecoin, Chewy (CHWY), surged nearly 28% after the return of Roaring Kitty, famous for the GameStop short squeeze.
Gill posted a cryptic image on X on September 6, sparking speculation among traders.
The post featured a Toy Story meme with the Chewy logo, which some interpreted as a signal that Gill might be stepping back from his role at Chewy.
Despite no technical utility, meme coins like CHWY thrive on social sentiment, making Gill’s posts influential for traders.
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