Gamestop is up more than 150% this week - is the meme stock frenzy back?

GameStop, the poster child of the meme stock craze, surged more than 70% on Monday - the first trading day of the meme stocks rally -  following a cryptic post by Keith Gill, also known as "Roaring Kitty." The stock price of AMC Entertainment too, has closely followed GameStop's meteoric rise.

The spike in stock prices had little to do with the fundamentals of the companies, and came after Keith Gill, who goes by the social media moniker "RoaringKitty", posted a series of cryptic images and gifs on the social media platform X. They were the first posts from the account in nearly three years, and did not mention GameStop.

However, this propelled GameStop and AMC to surge. The daily trading volume for GameStop shares exceeded 150 million shares on Monday, marking a major difference relative to the average trading volume for GME. Sources reported that short sellers in GameStop lost approximately $1.24 billion in May, according to data firm S3 Partners.

The signs point towards the meme stock craze making a comeback! As an investor, now is the time to reassess your portfolio and consider the potential benefits of participating in this resurgent meme stock phenomenon. With the right strategies and risk management, you could be well-positioned to take advantage of the current market dynamics.

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