Abstract

The (retail stock God)that had defeated Wall Street returned, the eponymous meme coin rose a hundred times a day, and the Meme stock ushered in wealth beyond measure. Within 24 hours of Gill’s return to X, GameStop shares were up to 111%, while DOGE and SHIB were up 6.2% and 5.4%, respectively, in the same period.

This morning, a tweet went viral in both the US stock trading and crypto communities, with more than 6 million views in five hours. The tweet, from former U.S. stock trader Roaring Kitty, was his first in three years.

The tweets included a number of famous emoji, such as an image of a man leaning forward in a chair, to signal the growing seriousness of the situation. However, his X post did not mention GameStop or other stocks.

Although the tweet didn’t make the exact text clear, the entire trading community was thrilled with the Roaring Kitty name, with many tweeting “Roaring Kitty is back.”

Due to Roaring Kitty’s return, shares of its associated GameStop(NYSE:GME) more than doubled in the absence of fundamental news and even surged to their highest level since January 2021 before closing 74.4% higher.

Even scarier, one-time MEME stock darling AMC Entertainment (AMC.US) is up more than 80%. Newly listed Reddit rose as much as 14%. Among cryptocurrencies, the Roaring Kitty token rose more than 4,000percent.

Why does a tweet have so much impact? Who is Roaring Kitty?

Roaring Kitty: A legend that led retail investors to victory over Wall Street the MEME was born in his hands

Keith Gill, who is widely credited with starting the GameStop short squeeze in 2021, is a former financial analyst, Roaring Kitty is the username he uses on YouTube and Twitter, and he’s also an avid Reddit user.

In September 2019, Gill bought GameStop stock GME, a veteran U.S. gaming product retailer that has been losing money for years and showed a screenshot of his trade on the Reddit r/wallstreetbets subreddit — a long position of about $53,000. Gill regularly posts positive GME opinion feeds on Reddit.

For a long time, many retail traders were influenced by him to buy GME, and then went to the comments section of his Youtube channel to huddle and maintain their confidence.

By 2020, GME had indeed skyrocketed, with Gill’s assets growing several times over. But GME’s upward trend has caught the attention of Wall Street institutions. More importantly, capital is not bullish on GME.

In January 2021, Melvin Capital hedge fund and Citron Research, a well-known short seller, announced on Twitter that they were bearish on GME, believing that its price should be halved from its closing price.

The news sparked outrage among retail investors. That month, the Reddit retail social forum group Wall Street Bets launched a massive, short squeeze across social media, pushing GME’s share price from $17 at the beginning of the month to as high as $347, an increase of nearly 19 times. Roaring Kitty has played a big part in this process. He took to Reddit to say that he would not sell even a penny of GME and held a seven hour Youtube livestream of GME’s stock price.

A $53,000 GME that Roaring Kitty bought in 2019 turned into more than $30 million a little over a year later, topping out at $48 million. Roaring Kitty rose to fame and is known as the conductor of American retail investors, a legend that beat Wall Street.

Roaring Kitty gave birth to the meme section of the crypto community. The originator of the meme, DOGE, was born from the 2021 GameStop short squeeze event that Roaring Kitty once led.

Roaring Kitty comes back has sparked a surge in the MEME sector

There is an interesting saying: War reports may lie, but the battle line will not lie to you.

This sentence applied to the crypto market can be understood as: the news surface may have true and false, but the price increase data is indeed the most true reflection of the market.

In addition to the Roaring Kitty token and the GME token of the same name just mentioned, a large number of head MEME tokens have seen significant gains.

Let’s take a look at the data for some of the tokens in the latest MEME section (data collected at 12:00 UTC May 13,2024- May 14, 2024 )

LION is up 118.73%

PEPE is up 30%

PEOPLE is up 21.59%

BONK is up 19.1%

DOGE is up 10.5%

Note: The above data fluctuates in real time.

Now, cryptocurrency enthusiasts are banking on Gill’s return to the market to spark FOMO sentiment among retail investors.

Of course, there are some analysts in the market who are not optimistic, such as eToro market analyst Josh Gilbert, who pointed out that the size of outstanding short positions in assets such as GameStop is much smaller than in 2021, which means that the “size of the upside” may also be smaller.

That being said, WallStreetBets 14.5 million user have shown over the past few years that anything is possible!