As a seasoned analyst with over two decades of experience in the volatile and unpredictable world of finance, I have seen my fair share of market phenomena that defy traditional economic theories. The recent resurgence of GameStop and AMC-themed memecoins, triggered by the return of Keith Gill, also known as Roaring Kitty, is one such phenomenon that falls squarely within this category.
Memecoins tied to GameStop and AMC experienced significant surges following the return of influential figure Keith Gill (Roaring Kitty) on platform X.
The cryptocurrency GME, not linked to the U.S. video game firm, witnessed a significant increase of more than 70%, reaching $0.7672. This growth was complemented by an impressive jump of around 203% in its daily trading volume, peaking at approximately $51.23 million.
On the Ethereum network, just like GME (Ethereum), another meme coin experienced a boost due to Gill’s comeback, peaking at an all-time high of $0.0002487 on December 6, amounting to over 51% increase. However, it has since decreased by 21%, as per CoinGecko’s data.
In the meantime, the meme token resembling AMC Entertainment, a cinema chain, surged more than 50%. Additionally, two other meme tokens, KITTY and ROAR, modeled after Gill’s online persona, also experienced significant growth, climbing over 45% each.
After Gill’s initial post on December 6th, all the previously mentioned meme coins experienced a surge, this being his first contribution to the platform in three months. His post showcased a creatively modified version of a 2006 Time magazine photo, which subtly acknowledged YouTube.
— Roaring Kitty (@TheRoaringKitty) December 5, 2024
Despite the absence of specific tokens in the post, it’s worth noting that the cryptocurrency market often reacts favorably to Gill’s posts, as seen by past occurrences. This pattern repeated itself once more in this instance.
As a researcher looking back on the impactful events of 2021, I find myself drawn to the significant influence of one individual – Gill. His prominence originates from his key role in the meme stock frenzy, where he emerged as a powerful symbol for retail traders challenging Wall Street’s short-selling practices.
As an analyst, I’ve noticed a significant surge in my portfolio, likely due to the cryptocurrency market shifting towards what is known as ‘altcoin season.’ This trend is underscored by the Altcoin Season Index, which has just reached its highest point ever at 87. Generally, an index score above 80 is a strong indication that we are indeed in an altcoin season.
Nevertheless, investors should exercise caution since such gains can be fleeting. In May, the GME token skyrocketed from $0.0035 to $0.029 following Roaring Kitty’s return, but quickly gave back all those gains within a few days. It plummeted to an all-time low of $0.0017 in August.
In a similar fashion, by September, these tokens surged after Gill’s X post, but within less than a week, they almost entirely lost their gains as enthusiasm started to fade away.
In areas outside of cryptocurrency, Gill’s comeback significantly boosted GameStop shares by approximately 16%, peaking at $30.87 before closing at $28.60. Meanwhile, AMC Entertainment experienced a rise of around 12% to $5.55, based on data from Google Finance.
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2024-12-06 14:32