On Tuesday, shares of Gamestock and AMC Entertainment Holdings continued to soar, fueled by retail investors following the reappearance of Keith Gill’s online persona, ‘Roaring Kitty.’ This upward momentum also spilled over into the cryptocurrency market, with meme coins like roaring kitty (ROAR) jumping 175% and the wall street bets token rising 1,121% against the U.S. dollar.
Roaring Kitty Return Continues to Fuel Meme Stock and Crypto Frenzy: GME, AMC, and Meme Coins Soar
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Keith Gill’s ‘Roaring Kitty’ Reappearance and Cryptic X Posts Fuels Explosive Gains in GME, AMC, and Meme Coin Markets
At 11 a.m. Eastern Time on Tuesday, May 14, 2024, Gamestock (NYSE: GME) and AMC Entertainment Holdings (NYSE: AMC) stocks increased by 75% to 89%, respectively. These gains began with ‘Roaring Kitty’s’ return on Monday and have sustained with minimal pullback. Roaring Kitty has also been sharing videos, some of which are old films, leaving the community to interpret their meanings.
Following Monday’s GME frenzy, former U.S. SEC Chairman Jay Clayton expressed his disapproval. “It bothers me,” Clayton emphasized to CNBC. “It bothers me on many levels— It’s a lot closer to gambling than trading and it is certainly not investing.” Clayton questioned, “Is a Tweet really investment advice? We’ve learned over the last five years that a Tweet is not investment advice,” he added.
Currently, data shows GME is up 222% in two days, while AMC has climbed 223% against the U.S. dollar over the same period. Additionally, the excitement has extended into the crypto realm, with several meme coins benefiting from the GME, AMC, and Roaring Kitty hype. Wall street bets (WSB) surged 1,121% and the newly launched roaring kitty (ROAR) rose 175%. The meme coin market as a whole increased by 5.6% on Tuesday, with another crypto called kitty coin on Solana (KITTY) jumping 130%.
While the meme coin sector has experienced significant gains, particularly with coins linked to ‘Roaring Kitty’ or ‘Wall Street Bets,’ these tokens remain highly volatile with low liquidity. The meme token pepe (PEPE) has also profited from the recent trend, rising 12% in the past 24 hours. PEPE reached an all-time high of $0.00001118 per coin on Tuesday, May 14. Currently, the price is 4% below the peak reached just two hours ago.
What do you think about the meme stock and meme crypto token frenzy on Tuesday? Share your thoughts and opinions about this subject in the comments section below.
