An altcoin inspired by the Gamestop (GME) short-squeeze frenzy of 2021 has exploded over 2,000% after the movement’s leader made an internet appearance for the first time in nearly three years.
Keith Gill, who pseudonymously goes as “Roaring Kitty” on the social media platform X, posted a gamer meme early on Monday, and has since posted several other videos.
[adinserter block="1"]The posts are Gill’s first since mid-2021 when he led the movement to pump the price of GME, causing several large institutions that were short the stock to lose money.
Since the posts, GME has skyrocketed. At time of publishing, it is currently up over 85% in a single day.
The resurgence of GameStop appears to have spread to digital assets markets as well.
GME, a memecoin launched on Solana (SOL) in January, has skyrocketed about 2,113% in the last 12 hours alone, currently trading just over a penny after starting the day below $0.00049.
Giacomo Pierantoni, head of data at hedge fund Vanda Research, told Bloomberg that such spikes in retail trading have historically been “contrarian” signals.
“These surges in retail activity have served as contrarian signals, prompting institutional investors to quickly short the stock following these rallies driven by retail investors.”
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Featured Image: Shutterstock/Natalia Siiatovskaia/WindAwake
