GameStop, Cat Meme Coins Rise with Double-Digit Interests

GameStop (GME), Kitty (KITTY), and Roaring Kitty (ROAR) have all been seeing a rise lately with up to double-digit gains.

GameStop (GME), Kitty (KITTY), and Roaring Kitty (ROAR) have all experienced substantial increases in value amid an overall rise in the meme coin market valuation. The data from CoinMarketCap indicates that GME, KITTY, and ROAR experienced a 10% increase, 20% increase, and 15% increase on Wednesday compared to the previous day.

Even though these tokens have no official affiliations with GameStop trader Keith Gill, they benefit from their connections to him.

The Market Influence of Keith Gill

KITTY is named after Gill’s online persona, Roaring Kitty, while GME shares its ticker with the video game retailer GameStop. KITTY and ROAR are built on the Solana blockchain; however, ROAR conducts operations on Ethereum, the second-largest blockchain by market capitalization.

Gill gained recognition for his efforts to garner support for GameStop during a brief crisis in 2021. This year, he resumed his social media presence, posting on X and reigniting interest in GameStop and related meme coins.

Gill’s inconsistent social media activity still affects GameStop and meme coin prices. For example, GME was trading at $0.00636, a 10.58% increase in the previous 24 hours due to his postings. His return has resulted in substantial price fluctuations, underscoring his continued influence.

Investors recently withdrew a lawsuit against Gill, alleging he was manipulating the market for personal gain. The lawsuit, which alleged securities fraud, was voluntarily withdrawn but may be re-filed. This legal backdrop further complicates the volatile trading environment surrounding GameStop and associated meme currencies.

GameStop’s Market Dynamics

On Tuesday, GameStop (NYSE: GME) experienced a substantial increase in its share price during after-hours trading, a continuation of the gains observed earlier in the week. The stock is currently trading at approximately $28.56, having reached a high of $29.96 following the New York Stock Exchange’s closing bell. This results from a robust performance, which saw a 13% increase in the past 30 days and the most significant point in a month.

Initially referred to as “meme stock,” GameStop achieved widespread recognition in early 2021 when retail investors on the Reddit forum r/WallStreetBets collectively acquired its shares, thereby inciting the most significant short squeeze in the market’s history. Homebound investors partially fueled the “meme stock” frenzy during the pandemic, and the ensuing short squeeze resulted in substantial losses for hedge funds that had bet on declining stock prices.

In particular, GameStop’s diversification of its operations continues to generate investor interest. The company’s efforts to expand its market appeal are demonstrated by recent announcements, such as a $25,000 reward for an uncommon Lionel Messi sticker from the 2024 Panini Copa America collection. Keith Gill’s activities and broader market dynamics are being closely monitored by traditional finance (TradFi) and meme coin investors to anticipate GameStop’s price movements.