In response to the hype, opportunistic crypto developers created numerous meme coins on different blockchains alongside common stocks.
A solitary image shared on Monday ignited surges in several cat-themed meme coins and Gamestop stock (NYSE: GME), as market enthusiasts celebrated the perceived resurgence of TheRoaringKitty, the online persona of retail trader Keith Gill, who hadn’t posted since late 2021.
Gill’s post featured a meme referencing a phase of “locking in,” which is colloquially understood as a period of deep concentration or focus. Members on X and Reddit mostly interpreted the image as a signal to fully engage in trading activities.
Stocks associated with Gill and other “meme stocks” experienced significant surges. GME prices saw a pre-market increase of up to 44% and surged by as much as 100% upon market opening before trading was suspended. Cinema chain AMC Entertainment Holdings (NYSE: AMC) also rose by 12% in pre-market trading, reaching as high as a 30% increase after the market opened.
In the last 24 hours, there’s been a significant surge in meme coins on the Solana blockchain. An independent GameStop-themed coin skyrocketed by over 550%, according to DEXTools data, while an AMC token saw a staggering 1,200% jump. Microcap cat-themed meme coins like kitty (KITTY) saw gains in the thousands of percent, whereas larger tokens such as popcat (POPCAT) and mog (MOG) experienced increases of over 15%.
Additionally, there’s been a flurry of newly issued tokens referencing Gill, TheRoaringKitty, GameStop, and “stonks” – a popular meme term for stocks. Meanwhile, larger-cap meme coins like (DOGE) and (SHIB) saw more modest gains of 5% and 7%, respectively.
Gill’s Reddit analysis of the video game retailer GameStop, which began in 2019 and gained momentum during the COVID pandemic, became a viral sensation. It was widely acknowledged as a significant factor in the GameStop short squeeze of January 2021, as numerous individual traders united to buy options and leveraged shares of the company.
In the span of a month, the stock surged from $4 to over $120, marking a remarkable ascent of thousands of percent from its low of 64 cents in April 2020. Gill, who initially invested $53,000, saw his investment soar to nearly $50 million at its zenith, becoming a testament to a single trader’s extraordinary success from humble beginnings, as he bet against hedge funds from the confines of his bedroom. Notably, Melvin Capital stood out as one of the major casualties, hemorrhaging billions of dollars as a result of its ill-fated wagers on the decline of meme stocks and other adverse market movements.
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