In summary
- Keith Gill, known as “Roaring Kitty,” returned to social media after three months, fueling a 7% rally in GameStop shares.
- A memecoin based on the GME ticker on Solana rose as much as 72%, although it moderated its gains to 30%.
- Gill, symbol of the GameStop short squeeze in 2021, continues to influence financial markets and memes with sporadic activity on networks.
Keith Gill, the meme stock influencer better known online as Roaring Kitty, is back—swapping memes from an animated movie for one based on a famous magazine cover.
On Thursday, his first social media post in three months moved markets instantly, sending GameStop’s stock price soaring as memecoins modeled after the video game retailer with a cult-like following also soared.
Gill, whose cryptic social media activity sparked a rally in GameStop shares earlier this year, posted on X an altered version of a photo-illustration created by Arthur Hochstein for Time Magazine.
In 2006, the publication selected “You” as its Person of the Year, paying homage to YouTube’s aesthetic with its cover, while discussing the revolutionary aspects of the internet’s growing popularity and its cultural impact.
However, the image posted by Gill was not an exact copy of the original cover: “You” and other text had been removed, while the duration displayed on the mirror-type monitor showed “01:09/04:20” in the version that Gill published (meme numbers 69 and 420).
At the time of writing, GameStop shares were trading at $28.93, up 7% over the past day. Although the stock price is down 5% in the last week, it is up 26% in the last month. Amid initial momentum and a spike to nearly $31, trading in the stock was temporarily suspended, according to Nasdaq Trader.
Elsewhere, in the crypto world, a Solana-based memecoin that borrows its name from the GameStop ticker soared 72% in price to $0.0089 in three minutes, according to DEX Screener. At the time of writing, GME had dropped to $0.0067, showing gains of 30% in the last day.
When Gill’s X account posted a doctored image of “Toy Story 2” in September, the stock price of pet supply retailer Chewy took a momentary hit. The 3.7% drop in price was brief. Gill had purchased millions of Chewy shares in July.
Gill, also known as DeepFuckingValue on Reddit, rose to prominence during the famous GameStop short squeeze in 2021. Emerging as the de facto mascot of a movement to bet big against Wall Street short sellers through GameStop stock , has been dubbed the “nihilistic Warren Buffet.”
In June, Gill returned to streaming on YouTube after a three-year social media absence, carefully discussing GameStop’s finances, amid reports that the Securities and Exchange Commission (SEC) and the Massachusetts securities regulator were investigating. to the meme stock influencer for his recent online behavior.
In his last Reddit post six months ago, a “YOLO” update, a very risky or aggressive investment position, showed holdings of GameStop shares and cash worth $268 million. At one point in June, his purported holdings, which included options at the time, were worth $586 million.
When Gill’s return to social media reignited interest in GameStop in April, the company’s share price rose as high as $48.75. During its brief streaming period, shares rose again to $46.55, however, they have fallen to current levels since then.
Edited by Andrew Hayward
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