GameStop and AMC shares experienced a dramatic surge on Monday (13 May) following the return of Keith Gill, famously known as Roaring Kitty, to social media after a three-year hiatus. The New York Stock Exchange had to temporarily pause trading on GameStop (GME) multiple times as its stock skyrocketed. As of 15 May 2024, GameStop’s $GME stock has outperformed Bitcoin (BTC) yearly returns in a single day.
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Gill, who played a pivotal role in the meme stock rally during the pandemic, posted on the social media platform X on Sunday night for the first time since June 2021. His post featured a meme suggesting he is “getting serious,” sparking excitement among retail investors.
Gill gained notoriety in 2020 and 2021 as a key figure behind the GameStop short squeeze. His actions led to a historic surge in GME stock, which resulted in him testifying before the House Financial Services Committee in February 2021 amid investigations into potential market manipulation.
Retail investors celebrated Gill’s return with enthusiastic comments like “he’s back,” “game on,” and references to the “memecoin supercycle,” highlighting the recent rise in smaller cryptocurrencies including the likes of POPCAT, PEPE and GME.
The Previous Short Squeeze
In 2021, GME stock soared by 688% as individual investors coordinated a massive buying spree on online message boards, blindsiding short sellers who had bet against the stock. These short sellers faced unlimited losses unless they covered their positions by buying the stock, which further fueled the stock’s rise.
This innovative yet controversial strategy led to a massive short-squeeze rally, which was later depicted in the movie “Dumb Money.”
Recent Developments
On Tuesday, GME stock managed to maintain a 60% gain, adding to Monday’s 74.4% rally. The stock saw another 98% surge in early trading, bringing its total gain to 178% in 2024, marking its highest level since November 2021.
AMC shares also experienced significant gains, jumping nearly 32% on Tuesday after a 121% spike at the open. Following a 78.4% increase on Monday, AMC stock is now up 11.9% for the year, reaching its highest price since November.
Gill’s return has reignited enthusiasm among retail investors, prompting speculation about the potential for another meme stock frenzy.
