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Legendary trader Keith Gill, popularly known as Roaring Kitty, returned to social media on Thursday, sparking a wild spike in cryptocurrencies related to GameStop Corp. (NYSE:GME).
What happened: GameStop (GME) blasted nearly 65% in the last 24 hours to set new all-time highs.
The Ethereum (CRYPTO: ETH)-based coin lifted as high as $0.00025 when Roaring Kitty’s X post first surfaced before swiftly pulling back to $0.00019, according to CoinMarketCap.
The token witnessed frantic trading activity with a 453% jump in volume.
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Another coin based on BNB Chain (CRYPTO: BNB), namely GameStop Coin (GME), soared 82%, accompanied by a 14% jump in trading volume.
A memecoin named after Roaring Kitty himself shot as much as 25% on the development.
Cryptocurrency | Gains +/- | Price (Recorded at 8:00 p.m. EDT Previous Day) |
GameStop Coin (GME) | +82.23% | $0.00007312 |
GameStop (GME) | +65% | $0.0001994 |
Roaring Kitty (ROAR) | +25.78% | $0.006612 |
The volatility was a result of a curiosity-inducing post by Roaring Kitty that showed a TIME magazine cover with a computer with a video screen. The video is paused at the 1:09 minute mark, for a total length of 4:20.
For the uninitiated, “420” is slang for smoking marijuana, especially around 4:20 PM in cannabis culture. It can also refer to cannabis-related celebrations that take place on Apr. 20 every year
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Time’s reference could suggest that investors have time to buy GameStop or another stock ahead of a key event.
Note that these memecoins have no fundamental ties to GameStop or Roaring Kitty but are just playing on the speculations of a short squeeze of the meme stock and a possible repetition of the historic 2021 event by the legendary trader.
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