Keith Gill, also known as Roaring Kitty, sent the meme stock community into a frenzy Sunday night, posting for the first time in almost three years on X, formerly Twitter. The post, a simple meme of a gamer moving forward in his chair, was enough to send GameStop Corp's (NYSE:GME) stock higher by more than 100% at one point Monday, adding billions of dollars in valuation to the video game company.
But Gill wasn't done after Sunday's post. On Monday, he continued to share more content on X, posting several videos each filled with pop-culture references. Highlights include a mashup of Thanos from The Avengers and Hugh Jackman's "X-Men," Ferris Bueller and a cat, and clips from "Game of Thrones," among others.
pic.twitter.com/8YSKm1N3IJ
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Read Also: Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?
Cryptic social media posts are seemingly a staple of the meme stock frenzy, with Ryan Cohen able to move stocks by posting undecipherable memes in the past, like a picture of an ice cream cone which sent GameStop's stock up more than 100% in 2021.
GameStop, which famously surged more than 3000% amid a short squeeze in late 2020 and early 2021, has struggled since the spike and traded down more than 80% from its highs before Monday's gain. Gill was one of the key drivers of the short squeeze, posting his investment thesis on Reddit Inc's (NYSE:RDDT) WallStreet Bets and encouraged retail investors to buy the stock which he saw as extremely undervalued.
When Gill posted his first video Monday, GameStop's stock spiked another 5% to right around the $30 level. While the stock is still up more than 70% in Monday's session, it has retreated from its Monday morning highs, falling around 20%.
Other so-called 'meme stocks' such as AMC Entertainment (NYSE:AMC) and KOSS Corp (NASDAQ:KOSS), also spiked higher Monday, trading up by more than 40% and 20% respectively.
Traders and investors should be aware that increased volatility could make investments in these stocks riskier, but if history is any indication of what's to come, there could be more in store for highly-shorted names as retail interest picks up.
Now Read: Is Roaring Kitty Back For Round 2? GameStop Posts Flood WallStreetBets As Traders Eye Massive Gains: 'We Are So Back'
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