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.
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.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Natalia Siiatovskaia/WindAwake
