GameStop continues to attract investor interest, especially as it diversifies its business.
Amid a rise in the overall meme coin market cap, GameStop (GME), Kitty (KITTY), and Roaring Kitty (ROAR) have experienced notable surges. CoinMarketCap data shows that on Wednesday, GME increased by 10%, KITTY by 20%, and ROAR by 15% compared to the previous day.
These tokens appear to benefit from their associations with GameStop trader Keith Gill, despite having no official ties to him.
Keith Gill’s Influence on the Market
GME shares its ticker with the video game retailer GameStop, while KITTY is named after Gill’s online persona, Roaring Kitty. Both KITTY and ROAR are based on the Solana blockchain, though ROAR operates on Ethereum, the second-largest blockchain by market cap.
Gill became famous for rallying support for GameStop during a short squeeze back in 2021. This year, he returned to social media, posting on X and reigniting interest in GameStop and related meme coins.
Gill’s sporadic social media activity continues to impact GameStop and meme coin prices. For instance, GME was trading at $0.00636, up 10.58% in the previous 24 hours, following his posts. His influence remains strong, with his return prompting significant price movements.
Investors recently withdrew a lawsuit against Gill, accusing him of manipulating the market for personal gain. The lawsuit, which alleged securities fraud, was voluntarily withdrawn but can be refiled. This legal backdrop adds another layer of complexity to the already volatile trading environment surrounding GameStop and associated meme coins.
GameStop’s Market Dynamics
GameStop (NYSE: GME) saw a significant rise in its share price during after-hours trading on Tuesday, continuing gains from earlier in the week. The stock is currently trading around $28.56 after peaking at $29.96 following the New York Stock Exchange’s closing bell. This follows a strong performance with a 13% rise over the last 30 days and reaching its highest point in a month.
Dubbed the original “meme stock”, GameStop gained widespread notoriety in early 2021 when retail investors on the Reddit forum r/WallStreetBets collectively purchased its shares, triggering a notable short squeeze in the market’s history. The “meme stock” frenzy was partly driven by homebound investors during the pandemic, with the associated short squeeze resulting in huge losses for hedge funds that had bet on stock prices declining.
GameStop continues to attract investor interest, especially as it diversifies its business. Recent announcements, such as a $25,000 reward for a rare Lionel Messi sticker from the 2024 Panini Copa America collection, show the company’s efforts to broaden its market appeal. Both traditional finance (TradFi) and meme coin investors are closely monitoring Keith Gill’s activities and broader market dynamics to predict GameStop-associated price movements.
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