Influencer Editorial Team
The resurgence of the trader known as Roaring Kitty on social media platform X ignited a dramatic surge in GameStop shares on Monday, marking a remarkable return to the meme stock frenzy of 2021. The surge, fueled by a cartoon shared by the trader, had little to do with the company’s underlying fundamentals.
GameStop shares soared by 68% following Keith Gill’s post on X, which marked his first activity on the platform in three years. The shares experienced a staggering increase of over 110% earlier in the day, prompting multiple halts due to volatility.
The impact of Gill’s meme extended beyond GameStop, with shares of Robinhood, AMC Entertainment, and Reddit also seeing notable gains. The cartoon shared by Gill depicted a gamer in a chair holding a video game console, with subtle variations from a similar image previously posted by GameStop. The meme’s interpretation revolves around a sense of seriousness.
Gill, known as “Deepf—-ingvalue” on Reddit, played a pivotal role in the WallStreetBets subreddit’s efforts that drove GameStop’s unprecedented stock surge in 2021. He emphasized during a congressional hearing that his intention was not to fuel frenzy but to highlight what he believed was an attractive investment opportunity.
Despite his significant influence, Gill maintained that he primarily engaged in trading for educational purposes. He revealed that his initial investments in GameStop occurred in 2019 when the stock was trading at a much lower price. The subsequent surge to $483 a share in 2021 exceeded his expectations.
Gill’s role in the GameStop saga was portrayed in the 2023 movie “Dumb Money,” underscoring the enduring impact of the meme stock phenomenon on popular culture.
