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GameStop Stock, Meme Tokens Surge as User ‘DeepFu*kingValue’ Returns to Reddit

Jun 2, 2024
    Keith Gill, known for the GameStop short squeeze of 2021, posted his GME options positions on Reddit, sparking a speculative frenzy in meme tokens and related equities.Gill’s social media activity has significantly influenced markets, with recent posts leading to rallies in various assets, including cat-themed meme tokens and shares of the videogames retailer.
As a crypto investor who closely follows the market trends and social media influencers, I can’t help but be impressed and cautious at the same time by the impact of Keith Gill, or Roaring Kitty as he is also known, on the financial markets. With his recent post on Reddit about his GME options positions, Gill sparked a speculative frenzy that led to significant price increases in meme tokens and related equities such as GameStop shares and AMC Entertainment.As a researcher studying the financial markets, I can tell you that a renewed sense of speculation fueled the prices of certain meme tokens and Gamestop (GME) shares on Monday. This surge was sparked by none other than influential retail trader Keith Gill, who reemerged on his Reddit account after a three-year absence. Known for his pivotal role in the 2021 GME short squeeze, his return ignited excitement among traders and investors alike.

Using a conversational tone,

GameStop Stock, Meme Tokens Surge as User ‘DeepFu*kingValue’ Returns to Reddit
The Reddit post causing a stir on social media platforms led to a surge in demand for related stocks and cat-themed meme tokens. Notable cat tokens such as TOSHI, MOG, KEYCAT, and WEN experienced significant gains, with increases of up to 37% within the past 24 hours, according to CoinGecko data. Most of these price jumps occurred following Gill’s post. Meanwhile, DEXTools reported an over 200% rise for GME, a meme token mimicking the stock ticker of GameStop.

According to MarketWatch data, the value of GameStop shares increased by over 80% and AMC Entertainment Holdings Inc. (AMC) saw a surge of up to 36% during early trading.

Within the past month, Gill’s social media updates on his @TheRoaringKittyX account have triggered crypto and stock market fluctuations for the second time. In May, after a long hiatus from late 2021, Gill’s posts ignited rallies among Solana meme tokens.

In early 2019, Gill began scrutinizing GameStop’s financial reports on Reddit’s stock market forums. This meticulous analysis sparked significant interest during the COVID-19 pandemic, leading to a surge in popularity. Consequently, this phenomenon played a pivotal role in the unprecedented short squeeze incident of GameStop in January 2021. Small investors collaborated by buying call options and amplifying their stock holdings, collectively causing a substantial market stir.

As a crypto investor, I can tell you that my original $53,000 investment reached an astonishing value of almost $50 million at its peak. This transformation from humble beginnings to a substantial fortune has captured the imagination of many and earned me a devoted fanbase.

UPDATE (June 3, 11:24 UTC): Adds GameStop shares in fourth paragraph.

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2024-06-03 14:43