Keith Gill's Return Fuels GameStop and Memecoin Buzz

Gill became a central figure in the GameStop saga during the COVID-19 pandemic.

He reappeared on social media after nearly three years, stirring excitement and debate among investors and analysts. Let’s explore more about this news for GameStop.

The GameStop Saga Recap

In early 2021, Gill, also known by his online alias “Roaring Kitty,” played a pivotal role in a historic market event. He and retail traders on Reddit targeted hedge funds heavily shorting GameStop, a struggling game retailer. This collective action sent GameStop’s stock soaring over 1,000% in less than a month, shocking the financial world. It resulted in significant losses for the involved hedge funds.

Gill’s influence and analysis became the focal point of the movement, and his return to social media on May 13th with a cryptic meme post has reignited speculation. In the 24 hours following his post on X, GameStop shares surged by as much as 111%. Other assets, including cryptocurrencies DOGE and SHIB, also saw gains of 6.2% and 5.4%, respectively.

Analyst Perspective

Despite the initial excitement, some analysts are skeptical about the potential for a repeat of 2021’s dramatic events. Josh Gilbert, a market analyst at eToro, shared his cautious outlook with Cointelegraph. “I think it will certainly ignite some short-term moves from these assets, but it’s hard to see any longevity,” he remarked. Gilbert pointed out that the current market conditions differ significantly from those in 2021, particularly in terms of the volume of outstanding shorts on assets like GameStop.

During the 2021 short squeeze, the high volume of short positions on GameStop stock created a perfect storm for a massive price surge when retail traders bought in en masse. Today, the number of outstanding shorts is much smaller, suggesting that any upward movement would likely be less dramatic. This reduction in short interest diminishes the potential for another meteoric rise similar to what was witnessed three years ago.

Can The US Gov Regulate GME?

Former SEC Chair Jay Clayton has expressed concerns about the GameStop ($GME) trading frenzy, stating it “bothers me and it’s certainly not investing.” His comments reflect skepticism about the nature of the rapid trading and speculative behavior surrounding GameStop shares.

Clayton also raised questions about the role of government intervention in such scenarios, pondering whether it is appropriate for the government to step in at this time. This has led to speculation about whether the government is preparing to intervene in the market to address or regulate such unprecedented trading activities.



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