GameStop stock is up 69% on the day as related memecoins soar.
RoaringKitty, an investor, analyst, and influencer, has returned to social media after a 3-year hiatus. They are best known for orchestrating the GameStop ($GME) short squeeze in 2021, which pushed the price of GME from $5 to $81 in less than a month
The GME pump popularized the concept of “meme stocks,” where company shares increase in price due to social virality, and are often associated with short squeezes, which occur when traders who bet against an asset are forced to close their positions or risk liquidation, resulting in tremendous upward pressure on the asset’s price.
Following RoaringKitty’s tweet, GameStop stock surged from $20 to $29, briefly reaching $38.
Memecoins have also rallied as traders speculate that RoaringKitty’s return might bode well for the sector. Since the tweet, PEPE is up 20%, and the GME memecoin is up roughly 1500%.
