In addition to traditional stocks, many opportunistic crypto developers have launched numerous meme coins on various blockchains to take advantage of the prevailing hype.
A single post by @TheRoaringKitty, the X profile of retail trader Keith Gill, sparked rallies in meme coins and GameStop stock (NYSE: GME). Users interpreted the post as a signal to focus on specific stocks. Gill, known for his role in the GameStop short squeeze of January 2021, saw GME prices surge over 44% in pre-market trading, while AMC Entertainment Holdings jumped as much as 12%.
An unaffiliated GameStop meme coin on the Solana blockchain surged over 550%, according to DEXTools data, while an AMC token rose by 1,200%. Various microcap cat-themed meme coins like kitty (KITTY) experienced significant increases, with larger tokens like popcat (POPCAT) and mog (MOG) also rising over 15%. Established meme coins like DOGE and SHIB saw gains of 5% and 7%, respectively.
Keith Gill, known as Roaring Kitty, gained fame for his analysis of GameStop on Reddit, which contributed to the viral GameStop short squeeze of January 2021. His initial investment of $53,000 skyrocketed to nearly $50 million at its peak, showcasing a remarkable success story of an individual trader profiting from his trading insights.
