Gamestop, GME meme coin surge following Roaring Kitty return

Gamestop-based meme coins rose more than 40% on Thursday after popular trader, Keith Gill, stirred excitement in the meme coin sector with a post featuring a Time Magazine picture on social media platform X.

Gamestop-themed meme coins surge after post from Keith Gill

Keith Gill, popularly known as Roaring Kitty, registered his internet presence for the first time in months after he posted a picture with the caption "Time" on X. The picture mirrors a Times magazine cover from 2006 with a computer screen, suggesting an encrypted message.

This sparked quick price movements on the Gamestop (GME) stock, which shot up 13% before exchanges halted its trading. However, the game company's stock wasn't the only recipient of the price surge following Gill's post. Meme coins on the Ethereum and Solana blockchains that also bear the GME rallied, posting gains above 40%.

Keith Gill is attributed with leading the GameStop short squeeze from the Wallstreetbets subreddit in 2021, where the GME stock surged over 1,600%.

Gill was also instrumental in the Dogecoin rally the same year before taking a self-induced exile from the media space.

He resurfaced on the social media platform X a few months ago, making cryptic posts that stirred excitement among his followers. Around the same time, the meme coin mania of Q2 2024 was in full swing with Solana meme coins dominating the crypto market.

Most crypto community members are expecting a similar impact on the meme coin sector with his return on Thursday.

The meme coin sector is up over 6%, suggesting increased buying pressure among investors since Keith Gill made the post.