Keith Gill's social media reappearance has pushed the GameStop stock 35% higher, but the the buzz around a comeback of meme stocks pales to the 2,000% spike of the GameStop meme coin (CRYPTO: GME).
What Happened: The GameStop-inspired meme coin on Solana (CRYPTO: SOL) is currently trading at a market capitalization of $74 million, compared to under $4 million less than 24 hours ago, according to DexScreener data. Gill has followed up his tweet that set the frenzy in motion with several new tweets.
pic.twitter.com/YgjVqtgcNS
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
The resurgence attracted the likes and comments of notable traders, such as Hsaka, who acknowledged the surge by tweeting "gm(e)."
Veteran trader DonAlt highlighted the infinite surge of GME and predicted that its going to get wild.
GME up infinite
— DonAlt (@CryptoDonAlt) May 13, 2024
The retards are back
No idea what it means but I know it's gonna get wild
The news even went beyond the cryptocurrency and stocks world, with controversial influencer Andrew Tate saying "Diamond Hands Until I've Stopped Breathing."
Also Read: What's Going On With GameStop Stock: Is Roaring Kitty Active Again?
Why It Matters: The GameStop meme coin peaked at close to $100 million in market capitalization In February, which sparked talks of whether it could come close to the valuation of the stock.
That never materialized and the meme coin appeared to fall out of traders' sights, only for Gill's reappearance to spike a surge in discussions about whether meme stocks are back for good.
One commentator, in a humorous tweet, alluded that all the tactics from the book "Intelligent Investor" by Benjamin Graham may not be relevant anymore.
$GME is up 20% because Roaring Kitty posted a photo on X after 3 years of silence. pic.twitter.com/1UsTV1BWQa
— The Contrarian Desk (@contrariandesk) May 13, 2024
The surge of GameStop also prompted other Solana meme coins with company themes, such as AMC (AMC/SOL) and Reddit to spike 5,400% and 56%, respectively.
Meme coins are up 6.9% on the day with Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) trading 6% higher, while Pepe (CRYPTO: PEPE) surged by 10%.
Dog-themed meme coins Dogwifhat (CRYPTO: WIF) and Bonk (CRYPTO: BONK) are also up 4%, respectively, while Floki Inu (CRYPTO: FLOKI) spiked 7%.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock