Is This The Next Meme Stock Frenzy? ROAR Explodes Over 300% After Kitty’s GME Move
04 Giugno 2024 - 12:28PM
NEWSBTC
The echoes of 2021’s meme stock saga reverberated through financial
markets this morning, as the obscure ROAR meme coin and video game
retailer GameStop experienced a meteoric rise fueled by social
media nostalgia. The catalyst? The return of a familiar face –
Keith Gill, better known by his online moniker “Roaring Kitty.”
Related Reading: Dogecoin Under The Microscope – Historical Data
Points To Rebound Kitty Claws Back In Retail investors were sent
scrambling after Gill, a superstar among the online investment
community on Reddit’s WallStreetBets forum, posted a cryptic
message hinting at a significant stake in GameStop. The post,
featuring an image of the “Uno Reverse” card, sent speculation into
overdrive. Shortly after, Gill confirmed his bullish stance by
revealing a massive holding of 5 million GameStop shares, valued at
roughly $116 million based on Friday’s closing price. In the 20
minutes that followed Gill’s post, GameStop’s stock price on
Robinhood’s overnight markets shot up by 20% to $27.50. This
increase followed the stock’s Friday closing price of $23.14. This
year, the shares have increased by almost 40%, presumably as a
result of Gill’s sudden comeback. This disclosure sent shockwaves
through the market. GameStop’s stock, infamous for its volatility
during the meme stock frenzy of 2021, surged over 100% at its peak
in pre-market trading on Monday. NOW: GameStop soars after the
Reddit account that drove the meme-stock mania of 2021 posted what
appeared to be a $116 million bet https://t.co/0mnyJF4lIf
pic.twitter.com/rpRdA2AIWL — Bloomberg Markets (@markets) June 3,
2024 While the price eventually settled to an impressive 88%
increase, the roar from retail investors was undeniable. The ROAR
meme coin, seemingly named in homage to Gill’s online persona,
mirrored the GameStop price surge of over 300%, reaching a high of
$0.001643. A Meme Stock Revival? The sudden rise of both ROAR
and GameStop has reignited the debate surrounding meme stocks.
These assets, often characterized by high volatility and driven
more by online hype than traditional financial metrics, captured
the imagination of retail investors in 2021. Gill, who played a
pivotal role in the initial GameStop saga, appears to be a key
player in this potential revival. However, analysts remain
cautious. GameStop itself is in a precarious position, having
recently sold a massive chunk of shares to bolster its finances
while facing continued net losses and projected sales declines. The
company’s long-term prospects remain uncertain, raising questions
about whether this is a genuine resurgence or simply a nostalgic
echo of 2021. Related Reading: Notcoin Unstoppable! Token Soars
Over 400%, Blazes New All-Time High Weighing Hype Against Reality
The recent surge in ROAR and GameStop presents a classic
risk-reward scenario for investors. Early participants who bought
in at lower prices stand to reap significant profits. However, the
inherent volatility of meme stocks poses a significant danger of
substantial losses. Featured image from HubPages, chart from
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