The unofficial GameStop memecoin GME, unaffiliated with the company, surged 72% after a post by influencer Keith Gill.
After his most recent cryptic post on X, Keith Gill, a memecoin and stock influencer, more commonly known by his online alias Roaring Kitty, appears to have caused a surge in the prices of GameStop, AMC stocks, and a related memecoin.
In January 2021, Gill’s posts initiated the GameStop short squeeze, which resulted in traders purchasing GameStop’s stock, sending it to all-time highs of over $81 and reversing the trend of Wall Street short-sellers.
Gill’s most recent post to X on December 5 featured an altered rendition of a 2006 Time magazine photo illustration that paid tribute to YouTube.
There was no additional context provided; however, traders appeared to have responded to Gills’s post. Following the post, GameStop’s stock experienced a 16% increase, reaching a high of $30.87 during the trading session, as per Google Finance.
Nasdaq Trader reported that trading was temporarily suspended due to volatility. In the past five days, GameStop shares have declined by 6% to $28.6.
Concurrently, the unofficial GameStop Solana-based memecoin GameStop (GME), which is not affiliated with the company, experienced a 72% increase to $0.007672 in response to Gills’s post.
Nevertheless, CoinGecko reports that it has since declined to $0.006488.
Another stock that has previously benefited from Gill’s attention, AMC Entertainment, a movie theatre chain, also experienced a surge.
AMC’s value increased by 12% during the trading session, reaching a high of $5.55, according to Google Finance. Nevertheless, the stock is still significantly below its all-time peak of $261, which it achieved on June 18, 2021.
Gill testified before Congress on February 17, 2021, regarding his involvement in the GameStop stock scandal. He subsequently ceased posting on social media on June 19, 2021, the day following the all-time high of AMC stock.
Gill resumed his social media presence in May, following a three-year absence.
In September, he published another enigmatic X post that featured the Solana-based memecoin Chewy (CHWY).
This post caused a nearly 28% increase in the coin’s value, propelling it above $0.011.
A GameStop investor filed a lawsuit against Gill on June 28, 2024, alleging that he artificially inflated the price of GameStop shares by utilizing his social media influence to orchestrate a pump-and-dump scheme, resulting in losses for investors.
Three days later, the plaintiff submitted a voluntary petition to dismiss, which resulted in the dismissal of the lawsuit.
Eric Rosen, a former federal prosecutor, stated in a June 30 analysis that the lawsuit was doomed from the outset due to the plaintiff’s attorneys’ inability to legally establish that Gill had committed fraud.
The stock went up by more than 1,000% in a single month when the initial GameStop short squeeze transpired in 2021.
Consequently, traders and meme coin merchants frequently supervise Gill’s social media activity.
