June 9, 2024 at 10:24 pm | 1 minute read
A new social post by controversial trader Keith Gill, known by his social media name Roaring Kitty, has brought new volatility to GameStop’s Memecoin (CRYPTO: GME).
What Happened: The merchant, who has received a significant amount of positive and negative publicity in the past month, shared the opening scene from Christopher Nolan’s “The Dark Knight” via his official X account on Sunday evening.
As it was, the Solana-based memecoin (CRYPTO:SOL) — hailing the 2021 short squeeze in GameStop Corp. — soared. (NYSE:GME) by the legendary trader – rose 14% within minutes of publishing the post, according to The Verge. CoinMarketCap.
Furthermore, trading volume increased by 38% to $225 million over the past 24 hours
Why it matters: Trader social posts have always driven the traditional and cryptocurrency markets.
Around the same time last week, Roaring Kitty’s Reverse Uno Card post prompted a 3x jump in GME value.
However, the memecoin fell 60% when a trader’s YouTube live stream last week disappointed investors, leaving them with more questions than answers.
It was plausible that traders were becoming cautious about Roaring Kitty and his bets, and GME’s moderate price action compared to last week seems to lend validity to this idea.
Furthermore, most kitty-themed cryptocurrencies, including Kitty AI (CRYPTO: KITTY), have been trading in the red. Remember, these coins also made big gains last week in the Roaring Kitty craze.
Price Action: At the time of writing, GME is trading at $0.0208, according to data from Benzinga Pro. GameStop shares were trading 3.82% lower in after-hours trading. On Friday, GameStop shares closed down 39.4% at $28.22 during the regular session.
Read Next: Dogecoin Trader Who Made $250K Spends It All on Donations, Medicines, Concerts, and Tattoos… and Takes Her Last $4K to Buy More
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