The meme coin sector emerged as a rare winner the past day despite the broader market drawdown that pushed prices of major digital assets like Bitcoin down.
These meme assets’ upsurge can be attributed to the unexpected reemergence of Keith Gill, also known as Roaring Kitty and DFV, who played a pivotal role in initiating the GameStop short squeeze of 2021.
GameStop 2.0?
On May 13, Gill reemerged on social media with a cryptic meme depicting a gamer in a focused stance, followed by a video of Thanos saying, “Fine, I’ll do it myself,” and a clip of Wolverine.
Gill was central to the GameStop saga during the COVID-19 pandemic. At the time, Reddit traders disrupted hedge funds profiting from shorting GameStop shares, resulting in the stock price soaring by over 1,000% in less than a month.
Following his return, GameStop shares surged by over 100%. Kobeissi Letter noted:
“Gamestop added $6 BILLION in market cap during today’s session…The stock is up 31% in after hours trading and 130% today. Gamestop is now one of the top 600 largest public companies in the US.”
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