Meme Coins Rally After Roaring Kitty’s Return

The cryptocurrency and stock markets experienced a significant surge early Monday, following a tweet by Keith Gill, better known as Roaring Kitty or DeepFuckingValue. His post, the first in nearly three years, featured an image of a man intently leaning forward while holding a video game controller, sparking speculation of an impending rally in meme stocks and cryptocurrencies.

Gill, who became an internet sensation in 2021 for his role in the GameStop stock buying frenzy, once again influenced the markets with his cryptic social media activity. The impact was immediate; GameStop (GME) shares more than doubled in value from Friday’s close to Monday’s opening, prompting Nasdaq to halt trading multiple times due to the surge in demand. Other related stocks, including AMC and companies like Reddit and Robinhood, also saw significant gains.

The phenomenon of meme stocks, which Gill helped popularize, involves shares of companies that gain traction on internet forums, leading to rapid and often unpredictable fluctuations in their market value. This trend not only affected stocks but also propelled a boom in meme-themed cryptocurrencies.

On the cryptocurrency front, Dogecoin, a favorite of tech mogul Elon Musk, led the surge among meme coins, rising nearly 6% to trade at $0.15. Other lesser-known, yet popular tokens like Pepe and Floki, both riding on Ethereum’s network, also saw increases of over 8%.

This resurgence of interest in meme stocks and cryptocurrencies reflects a broader trend of market movements heavily influenced by social media and key internet personalities. The 2021 rally demonstrated the power of collective retail investment driven by viral internet culture, and today’s market reactions suggest a similar pattern may be unfolding.

As traders and investors respond to these cues, the landscape of investment, particularly in meme assets, continues to evolve, showing that the line between traditional market strategies and internet-fueled movements is increasingly blurred.