Roaring Kitty’s Influence Sparks Surge in GameStop and AMC-Themed Memecoins
Popular influencer Keith Gill, also known as Roaring Kitty, made a significant comeback on X, leading to massive spikes in GameStop and AMC-themed memecoins.
The Solana-based meme coin GME experienced a surge of over 70%, reaching $0.7672, accompanied by a 203% increase in daily trading volume to $51.23 million.
Similarly, GME on the Ethereum network saw a 51% surge, hitting an all-time high of $0.0002487 on Dec. 6. However, it has since dropped by 21% according to CoinGecko data.
AMC, a meme coin inspired by AMC Entertainment, also rallied over 50%, while meme coins KITTY and ROAR, linked to Gill’s online persona, jumped over 45%.
All these meme coins experienced significant gains following Gill’s X post on Dec. 6, marking his first post on the platform in three months. Although the post did not directly mention the tokens, the crypto community has a history of responding positively to Gill’s posts, leading to price rallies.
Gill gained prominence during the 2021 meme stock frenzy, particularly for his role in the GameStop short squeeze that saw the stock price soar. His detailed analysis and viral posts made him a symbol of retail traders’ rebellion against Wall Street short-sellers.
The recent surge in meme coins comes amidst signs of an approaching altcoin season, as indicated by the Altcoin Season Idex hitting an all-time high of 87. An index score above 80 typically signals the onset of altcoin season.
Investors, however, should exercise caution as gains in meme coins are often short-lived. Previous instances have shown rapid price fluctuations, with tokens like GME experiencing sharp drops shortly after surges following Gill’s posts.
On the day of Gill’s return, GameStop (GME) shares rose over 16% to $30.87 before settling at $28.60, while AMC Entertainment (AMC) saw a 12% increase to $5.55, according to Google Finance data.