New Gamestop hype can lift memestocks and boost memecoins

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Last Updated on 4 June 2024 by CryptoTips.eu

The very well-known analyst Keith Gill, aka Roaring Kitty, is once again going ‘all-in’, and this could not only have consequences for the share price of GameStop, but also for various meme stocks and memecoins, which usually move higher in tandem with the well-known ‘short squeeze’ stock GameStop.

The crypto market turned green on Monday as Bitcoin is heading towards $70k again. Will we set a new record this week?

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Reddit

It was a post on Reddit that sparked a new meme stock hype this weekend already. Roaring Kitty, the online name of analyst Keith Gill, posted a screenshot of his position in GameStop, the stock with which he became world famous in 2021 when he unleashed a short squeeze of retail traders against Wall Street investors. The story was made into a well-known Hollywood film that proved very popular, especially in the United States.

In May already, Gill had returned to social media after a three-year absence, and without even naming the stock, he had caused the share price of GameStop (a chain of American stores that sell games) to double in just a few weeks.

After that, the meme stock hype died down and it was the turn of memecoins, such as Dogecoin, Shiba Inu and Pepe to rise as well.

Hence, it’s possible we’ll see incredible hype build around GameStop again this week after Gill showed he’s bet all his capital on the stock (meaning ‘Roaring Kitty is all-in’). Before the market opened, GameStop rose as much as 80%, while during Monday’s trading session it went 21% higher.

YouTube video

If the meme stock hype expands, memecoins could be the next thing mainstream retail traders will target, as they did in May. So be prepared in advance.

Do know that there is no logic behind this form of investment, this is simply riding a hype wave. Be careful if you buy in at the top. We expect a lot of movement for the share prices of GameStop, AMC, Reddit as well as the memecoins Dogecoin, Shiba Inu and Pepe (all very popular in the United States). Good luck everyone.

MauriceNorbert / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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