Memecoin

Chair

Saga

GameStop

<h4><strong>Gill became a central figure in the GameStop saga during the COVID-19 pandemic. </strong></h4> 
<p>He reappeared on social media after nearly three years, stirring excitement and debate among investors and analysts. Let’s explore more about this news for GameStop.</p> 
<h5><strong>The GameStop Saga Recap</strong></h5> 
<p>In early 2021, Gill, also known by his online alias “Roaring Kitty,” played a pivotal role in a historic market event. He and retail traders on Reddit targeted hedge funds heavily shorting GameStop, a struggling game retailer. This collective action sent GameStop’s stock soaring over 1,000% in less than a month, shocking the financial world. It resulted in significant losses for the involved hedge funds.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">In early 2021, Roaring Kitty, was key in the <a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GME</a> short squeeze.</p> 
 <p>His analysis on Reddit pushed GME from $20 to $483 by January 28.</p> 
 <p>This surge forced institutional short-sellers to cover, causing ~20B in losses for institutions. <a href="https://t.co/lTm1dxxSMV">pic.twitter.com/lTm1dxxSMV</a></p> 
 <p>— Xremlin (@0x_gremlin) <a href="https://twitter.com/0x_gremlin/status/1790352547766501475?ref_src=twsrc%5Etfw">May 14, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Gill’s influence and analysis became the focal point of the movement, and his return to social media on May 13th with a cryptic meme post has reignited speculation. In the 24 hours following his post on X, GameStop shares surged by as much as 111%. Other assets, including cryptocurrencies <a href="https://www.altcoinbuzz.io/?s=doge" target="_blank" rel="noopener">DOGE</a> and SHIB, also saw gains of 6.2% and 5.4%, respectively.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">This is Roaring Kitty – one of the best retail traders to ever exist.</p> 
 <p>He turned $53k into $48 million on <a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GME</a>.</p> 
 <p>He was offline for 3 years, and today he's back.</p> 
 <p>Here's his entire story: ur key to 10,000x trade this cycle <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/6sNW3kpQK2">pic.twitter.com/6sNW3kpQK2</a></p> 
 <p>— 𝗰𝘆𝗰𝗹𝗼𝗽 (@nobrainflip) <a href="https://twitter.com/nobrainflip/status/1789958942258319362?ref_src=twsrc%5Etfw">May 13, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Analyst Perspective</strong></h5> 
<p>Despite the initial excitement, some analysts are skeptical about the potential for a repeat of 2021’s dramatic events. Josh Gilbert, a market analyst at eToro, <a href="https://cointelegraph.com/news/gamestop-crypto-memecoin-rally-can-history-repeat-itself" target="_blank" rel="noopener">shared</a> his cautious outlook with Cointelegraph. “I think it will certainly ignite some short-term moves from these assets, but it’s hard to see any longevity,” he remarked. Gilbert pointed out that the current market conditions differ significantly from those in 2021, particularly in terms of the volume of outstanding shorts on assets like GameStop.</p> 
<p>During the 2021 short squeeze, the high volume of short positions on GameStop stock created a perfect storm for a massive price surge when retail traders bought in en masse. Today, the number of outstanding shorts is much smaller, suggesting that any upward movement would likely be less dramatic. This reduction in short interest diminishes the potential for another meteoric rise similar to what was witnessed three years ago.</p> 
<h5><strong>Can The US Gov Regulate GME?</strong></h5> 
<p>Former SEC Chair Jay Clayton has expressed concerns about the GameStop ($GME) trading frenzy, stating it “bothers me and it’s certainly not investing.” His comments reflect skepticism about the nature of the rapid trading and speculative behavior surrounding GameStop shares.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">JUST IN: Former SEC Chair Jay Clayton says Gamestop, <a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GME</a>, craze "bothers me and it's certainly not investing."</p> 
 <p>He questions weather the government should be allowed to intervene right now.</p> 
 <p>Is the government getting ready to intervene here? <a href="https://t.co/H1RTvnOwaj">pic.twitter.com/H1RTvnOwaj</a></p> 
 <p>— The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1790362696539361309?ref_src=twsrc%5Etfw">May 14, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Clayton also raised questions about the role of government intervention in such scenarios, pondering whether it is appropriate for the government to step in at this time. This has led to speculation about whether the government is preparing to intervene in the market to address or regulate such unprecedented trading activities.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/keith-gills-return-fuels-gamestop-and-memecoin-buzz/">Keith Gill’s Return Fuels GameStop and Memecoin Buzz</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Keith Gill’s Return Fuels GameStop and Memecoin Buzz

Altcoin Buzz

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