The saga of meme stocks in 2024 proved once again that retail investors, armed with social media and a touch of chaos, are a force to reckon with.
From GameStop Corp.'s (NYSE:GME) comeback to Donald Trump-inspired trading frenzies, the year showcased how "diamond hands" and internet-driven hype continue to shake up the Wall Street establishment.
The Year Of Roaring Returns
2024 marked the return of Keith Gill, aka "Roaring Kitty," the face of the 2021 GameStop frenzy. After a three-year hiatus, Gill reignited interest in original meme stocks such as GameStop and AMC Entertainment Holdings Inc (NYSE:AMC). His cryptic social media posts and YouTube livestreams, where he doubled down on GameStop's "transformation story," sent ripples through the retail trading community.
GameStop soared 67.7% this year, thanks to Gill's endorsement and a surprise third-quarter profit. However, analysts remain skeptical, with Wedbush warning of slim chances for profitability in GameStop's core business.
Meanwhile, AMC wasn't as lucky. Despite record-breaking Thanksgiving attendance and aggressive investment plans, its stock slid 34% in 2024.
Read Also: GameStop Shares Dip In Friday's Premarket After Surging Nearly 6% In Last Session, Fueled By Roaring Kitty's 'Christmas Present'
Trump Trades and Meme Mania
As the presidential election heated up, stocks tied to Donald Trump, such as Trump Media & Technology Group Corp (NASDAQ:DJT) and Phunware Inc (NASDAQ:PHUN), garnered meme-like attention. Trump Media saw a wild ride, soaring to $70 per share before cooling off to around $35, while Phunware is down to $5.51 from highs of $14.14 in October.
With Trump set to return to the White House in January, these "Trump trades" could see another resurgence in 2025.
Chewy Challenges Meme Label
Chewy Inc (NYSE:CHWY), the online pet retailer, also had its moment in the meme-stock spotlight. Thanks to Gill's investment and strong fundamentals, Chewy outperformed expectations, posting over 53% gain in 2024.
Analysts at Bank of America and JPMorgan hailed Chewy's disciplined execution and growth potential, with some even suggesting it has outgrown its meme-stock roots.
Reddit Rides High
One of the standout meme stocks of 2024 was Reddit Inc (NYSE:RDDT), which surged a staggering 230% year-to-date. Its success underscores how social media continues to drive retail investor enthusiasm and meme-stock momentum.
Wall Street's Uneasy Truce With Meme Stocks
While institutional investors often dismiss meme stocks as a retail-driven sideshow, the year's gains tell a different story. Palantir Technologies Inc (NASDAQ:PLTR) climbed over 373%, and Coinbase Global Inc (NASDAQ:COIN) more than doubled in value, proving that retail investors can still move markets in a big way.
As 2025 approaches, the meme-stock battlefield remains as unpredictable as ever. Whether it's Roaring Kitty's cryptic posts, Trump's influence, or a new wave of internet-driven hype, one thing is clear: Retail investors are here to stay, and Wall Street needs keep watching.
- Reddit Stock Gets Boost From Morgan Stanley: Analyst Sees 'Best In Class Growth'
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