Legendary trader Keith Gill, popularly known as Roaring Kitty, returned to social media on Thursday, sparking a wild spike in cryptocurrencies related to GameStop Corp. (NYSE:GME).
What happened: GameStop (GME) blasted nearly 65% in the last 24 hours to set new all-time highs.
The Ethereum (CRYPTO: ETH)-based coin lifted as high as $0.00025 when Roaring Kitty's X post first surfaced before swiftly pulling back to $0.00019, according to CoinMarketCap.
The token witnessed frantic trading activity with a 453% jump in volume.
Another coin based on BNB Chain (CRYPTO: BNB), namely GameStop Coin (GME), soared 82%, accompanied by a 14% jump in trading volume.
A memecoin named after Roaring Kitty himself shot as much as 25% on the development.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:00 p.m. EDT) |
| GameStop Coin (GME) | +82.23% | $0.00007312 |
| GameStop (GME) | +65% | $0.0001994 |
| Roaring Kitty (ROAR) | +25.78% | $0.006612 |
See Also: Michael Saylor's Bitcoin Strategy Drives MicroStrategy's 490% Surge, Hedge Fund CIO Says It's An 'Extreme Example' Of Volatility Monetization
The volatility was a result of a curiosity-inducing post by Roaring Kitty that showed a TIME magazine cover with a computer with a video screen. The video is paused at the 1:09 minute mark, for a total length of 4:20.
For the uninitiated, "420" is slang for smoking marijuana, especially around 4:20 PM in cannabis culture. It can also refer to cannabis-related celebrations that take place on Apr. 20 every year
Time's reference could suggest that investors have time to buy GameStop or another stock ahead of a key event.
pic.twitter.com/tXViICmVFG
— Roaring Kitty (@TheRoaringKitty) December 5, 2024
Note that these memecoins have no fundamental ties to GameStop or Roaring Kitty but are just playing on the speculations of a short squeeze of the meme stock and a possible repetition of the historic 2021 event by the legendary trader.
The GameStop short squeeze began in January 2021 and was one of the biggest financial events of that year.
Roaring Kitty's social posts have drastically moved the traditional and cryptocurrency markets this year.
Price Action: Shares of GameStop were up 3.04% in after-hours trading after closing up 5.92% during Thursday's regular session, according to data from Benzinga Pro.
- Happy Bitcoin $100K Day: Here's How Nayib Bukele, Brian Armstrong, And Peter Schiff Reacted To The Historic Milestone