CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Meme coins GME, AMC, ROAR rally as GameStop trader Keith Gill returns to X
Market Musing-g

Meme coins GME, AMC, ROAR rally as GameStop trader Keith Gill returns to X

crypto.news
By crypto.news
Created 4 months ago, last updated 4 months ago
3 mins read
Meme coins GME, AMC, ROAR rally as GameStop trader Keith Gill returns to X

GameStop and AMC-themed memecoins saw massive spikes after influencer Keith Gill, better known as Roaring Kitty, made a comeback on X.

GME (GME), a Solana-based meme coin with no ties to the American video game company, surged over 70% to $0.7672. The rally was accompanied by a 203% hike in its daily trading volume to $51.23 million.

GME (Ethereum), a similar meme coin on the Ethereum network, also benefited from Gill’s return, surging over 51% to hit an all-time high of $0.0002487 on Dec. 6. However, it has since dropped 21%, according to CoinGecko data.

Meanwhile, AMC, the meme coin created to mimic AMC Entertainment, a movie theater chain, rallied over 50%, while KITTY and ROAR, meme coins inspired by Gill’s online persona, both jumped over 45%.

All of the aforementioned meme coins rallied after Gill’s Dec. 6 X post, marking his first post on the platform in three months. The post featured an altered version of a 2006 Time magazine photo illustration that paid homage to YouTube.

Even though the post did not mention the tokens, the crypto sector has a history of responding to Gill’s posts with similar rallies, and this time was no exception.
Gill’s influence on these meme coins stems from his role in the 2021 meme stock frenzy, where he became a symbol of retail traders’ uprising against Wall Street short-sellers. Known for his detailed analysis of GameStop’s potential and his viral posts, Gill played a pivotal role in the GameStop short squeeze that saw the stock skyrocket to over $81.
These gains come as the cryptocurrency sector seems to be pivoting towards altcoin season, as evidenced by the Altcoin Season Idex, which recently hit an all-time high of 87. An index score above 80 typically signals the onset of altcoin season.
However, investors need to be cautious as these gains are often short-lived. In May, the GME token rose from $0.0035 to $0.029 after Roaring Kitty’s return, only to erase all those gains within a few days. It dropped to a record low of $0.0017 in August.
Similarly, in September, these tokens rallied following Gill’s X post but lost almost all of the gains in a little over a week as the excitement waned.

Beyond the crypto space, Gill’s return pushed GameStop (GME) shares over 16% on the day, reaching a high of $30.87 before settling at $28.60, while AMC Entertainment (AMC) recorded a 12% jump to $5.55, according to Google Finance data.

0 likes
|

Other articles published on Dec 6, 2024

Market Musing-g

Jasmy Coin Up Over 40% As Analysts Predict a 9000% Surge

Jasmy Coin (JASMY) price surged over 40% daily, driven by colossal trading volume, even over one day. Market analysts have taken heart from this remarkable price action, forecasting much more signi...
By Thecoinrepublic.com
4 months ago
5 mins read
Market Musing-g

Why is Bitcoin price down today?

After briefly crossing the $100k mark for the first time on Thursday, Bitcoin's price took a sudden dip, falling by around 4.66% in 24 hours.
By CryptoTicker ENG
4 months ago
4 mins read
Market Musing-g

Singapore Gulf Bank Plans $50M Fundraising for Stablecoin Payments Acquisition

The bank is in talks with investors, including a Middle Eastern sovereign wealth fund, to sell less than 10% of its equity by early 2025.
By BSCN
4 months ago
3 mins read
Market Musing-g

Weekly Article Recap: 11/18-11/22

A recap of notable news from the week.
By BSCN
4 months ago
3 mins read
Market Musing-g

Interact with the Blockchain Economy In An Easy Way With SpacePay

SpacePay is a crypto project removing the current roadblocks to blockchain adoption by making transactions easier. A crypto ecosystem that takes an inclusive approach toward payments, SpacePay has ...
By CoinPedia News
4 months ago
6 mins read
Market Musing-g

Trump Appoints David Sacks as White House AI and Crypto Czar

U.S. President-elect Donald Trump has appointed venture capitalist David Sacks, co-founder of Craft Ventures, as the first-ever White House AI and Crypto Czar. Trump announced the move in a post on...
By DeFi Planet
4 months ago
3 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!