Bittime - The share price of video game company GameStop has skyrocketed again. With just one image, the price jumped more than 70% on Monday morning.
The culprit behind this spike is thought to be Keith Gill, known by the nickname Roaring Kitty . He is a legendary figure among amateur investors thanks to his role in the WallStreetBets meme stock phenomenon in 2021.
On Sunday evening, May 12, Gill posted an illustration on the Twitter/X platform showing a man rising from his chair.
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Gill's Appearance Triggers New Wave of Meme Stock Fever
Gill's emergence and investor enthusiasm, plus the rise of other meme stocks, have led to speculation that the United States is facing a new wave of meme stock fever. In this phenomenon, small-scale retail investors band together to push stock prices in unexpected directions.
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Last Monday, GameStop's share price briefly surpassed $36 - the highest level since August 2022 - and trading was halted several times due to high fluctuations. GameStop was even top trending on Google and X.
In late 2020, Gill became widely known for his stock investment advice on YouTube and the WallStreetBets forum. He advised other investors to buy GameStop shares which he thought were undervalued (below their true value).
Instead, several large financial institutions are betting on GameStop's failure. This is because fewer people are buying video games in physical stores and turning to online purchases.
However, a large online community immediately supported Gill's thesis, making GameStop viral with memes and social media posts. Millions of impromptu investors then bought GameStop shares, pushing its price to fantastic levels and hurting the hedge funds that bet against it.
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GameStop is a real example of a meme stock
GameStop is also a clear example of a "meme stock," where the price is more influenced by social media enthusiasm than the company's fundamental financial condition.
This incident proved to traditional investors on Wall Street that organized, small-scale retail investors could have a big impact on the stock market. Interest in the meme stock then declined after a few months, and Gill disappeared from the public spotlight.
Also read: GameStop on Fire! Roaring Kitty Returns, Nostalgic 2021?
The film "Dumb Money" which will be released in September 2023 brings Gill's story to the big screen. The film stars Paul Dano and depicts Gill's unwavering belief in his investments, as well as his refusal to sell shares even though they were worth millions of dollars.
Many other investors viewed him as the leader of the movement and would only sell shares if Gill did so first.
Roaring Kitty (Keith Gill) Twitter account is active again
X Gill's account, which had been inactive for almost three years, suddenly became busy on Sunday. The cartoon image of a man getting up from a chair seems to be a signal that he is ready to dive back into the world of investment and invite other investors.
The image was viewed 14 million times and liked 77,000 people in 15 hours. The next morning, he posted several other memes from pop culture.
These include the meme of the awakening Wolverine (played by Hugh Jackman) and the meme of Walter White (Bryan Cranston) from the series Breaking Bad saying, "We're done when I say we're done."
It should be noted that GameStop's own company performance is not very good. In March, GameStop laid off employees and reported a decline in fourth-quarter revenue compared to the previous year.
This is caused by intense competition from online stores and weakening consumer purchasing power.
However, the surge in GameStop stock prices occurred at the same time as increased activity in other meme stocks. Meme cryptocurrency transactions have seen trading volumes increase in recent months, and surged again after Gill's post.
Other meme stocks such as AMC and Reddit also rose by 22% and 13% respectively.
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Speculative stocks usually experience increased activity when economic conditions are good and people feel they have more money for risky investments. Many participants in the WallStreetBets phenomenon also feel they are fighting Wall Street's dominance and control of the financial system.
Some investors have indeed managed to earn a lot of money. However, whether the larger collective mission was successful is still up for debate.
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