Results for ""
News

Will GME Boom Reach Memecoins?

Roaring Kitty's Reddit return sets meme stock market on fire.
David C David C Jun 3, 20241 min read
3
0
Will GME Boom Reach Memecoins?

Keith Gill, known for his role in the GameStop short squeeze, has returned to social media, causing a surge in meme tokens and related stocks.

What’s the scoop?

  • Gill's GME Positions: For the first time in two years, Keith Gill, also known as "DeepFu*kingValue" on Reddit, posted his GME options positions on the r/superstonks subreddit. The positions show over $116M in shares and $63M in call options expiring June 21 for GME above $20.
  • Surging Meme Tokens: Due to Gill being known on Twitter and Youtube as Roaring Kitty, cat-themed meme tokens like TOSHI, MOG, KEYCAT, and WEN surged up to 37%, while GME, a Solana meme stock, rose over 300%.
  • Stock Increases: GameStop shares increased by over 80%, and AMC Entertainment Holdings Inc. (AMC) rose 36% in premarket trading.

Bankless Take:

While crypto has always had a dynamic relationship with social media sentiment, Keith Gill's return continues to mark an interesting trend of expanding that relationship to traditional markets. While many might call this stock manipulation, it seems more emblematic of a rampant, anti-establishment sentiment reaching finance. While crypto embodies the same ethos, until Gill discloses a deep conviction crypto position, price action may be largely contained to the meme stock arena, though memecoins are continuing to fight for a breakout.

3
0
David C

Written by David C

152 Articles View all      

David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

No Responses