Roaring Kitty Sparks GameStop and AMC Rally with Cryptic Post
Qadir AK6 Dec 20242 min read
Keith Gill, better known as “Roaring Kitty,” is back in the spotlight, stirring up the stock market once again. On December 5, 2024, Gill posted a mysterious image on X (formerly Twitter)—an edited Time magazine cover from 2006. This puzzling post triggered a rally in GameStop and AMC stocks, proving Gill’s influence remains strong.
He is no stranger to market-shaking events, having played a key role in the GameStop short squeeze of January 2021, where the stock surged over 1,600%, disrupting Wall Street and dealing heavy losses to hedge funds that bet against it.
GameStop Stock Surges After Gill’s Post
Gill’s post sent GameStop’s stock climbing 16% to $30.87 before it settled at $28.60. Despite this rise, the stock remains 6% down over the past five days. The sharp increase triggered a temporary halt in trading, a clear sign of how strongly the market still reacts to Gill’s posts.
Meme stocks like GameStop remain as volatile as ever, with their prices often driven by sentiment rather than fundamentals.
AMC Joins the Rally
AMC Entertainment, another popular meme stock, also saw a boost, climbing 12% to $5.55. While far from its record high of $261 in 2021, the rally shows that the meme stock movement still holds sway over retail traders. AMC, much like GameStop, has become a symbol of small investors challenging Wall Street, with Gill continuing to play a central role in keeping this narrative alive.
Meme Coin Markets Feel the Impact
Gill’s influence isn’t limited to stocks. Following his post, an unofficial GameStop-themed memecoin built on the Solana blockchain (GME) jumped 72%, reaching $0.007672 before settling at $0.006488. This surge highlights the speculative nature of the memecoin market and its unique connection to Gill’s online activity.
The Return of Roaring Kitty
After largely disappearing from the public eye following the 2021 GameStop frenzy, Keith Gill returned to social media in May 2024, reigniting interest in meme stocks and cryptocurrencies. His posts in September and December have shown he still has the power to move markets. However, his actions have also attracted legal scrutiny.
Legal Challenges
In June 2024, a GameStop investor filed a lawsuit against Gill, accusing him of manipulating the stock. The case was dismissed, but it underscored the legal attention his market influence continues to draw.
Crypto analyst Evan commented on the curious impact of Gill’s activity, noting how GameStop’s stock rose 5% shortly after his post. He jokingly pointed out that this defies the idea that stock prices should reflect all available information.
It’s clear – Keith Gill is still the master of market momentum!
