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  • Writer's pictureRealFacts Editorial Team

Meme Stock Rally Returns

Keith Gill "Roaring Kitty"

Amid Monday's tepid stock market action, two meme stocks, GameStop (GME) and AMC (AMC), experienced significant surges, with GameStop doubling in value during morning trading and both stocks closing the day with gains of approximately 75%. The surge in GameStop and AMC stock prices was preceded by Keith Gill's return to the social media spotlight. 

Keith Gill, also known as "Roaring Kitty”, played a pivotal role in the GameStop rally of early 2021. In 2021 Gill shared his bullish thesis on GameStop through his posts on Reddit and YouTube videos which attracted a legion of retail investors to the stock and caused a short squeeze of the stock. A short squeeze is when a heavily shorted stock experiences a rapid price increase, forcing short sellers to cover their positions by buying shares, further driving up the price. 

According to a report by Investors Business Daily author Harrison Miller, Gill “on Sunday night posted on social media platform X for the first time since June 2021. The post was an image of a meme implying he is ‘getting serious.’” This post, marking Gill's first social media activity in nearly three years, was a significant catalyst for the surge in both GameStop and AMC stock prices observed on Monday. 

The heightened trading activity in GameStop prompted the New York Stock Exchange (NYSE) to halt trading for the company multiple times within the initial hour of trading on Monday morning. This market movement resembles the events of 2021 when GameStop's value surged by over 650%. This movement lacks fundamental developments and is therefore an extremely risky investment, bordering on speculative betting.

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