After three years away, Keith Gill, the driving force behind the meme stock craze during the pandemic, has made a dramatic return to social media. Its reappearance has sparked excitement in GameStop (GME) and AMC Entertainment (AMC) shares, sparking increased interest among retail investors.
Jill’s return sparked a storm among retail investors, with comments such as “He’s back”, “Game on” and “Just in time for the memecoin super cycle” flooding social media platforms.
GameStop and AMC Rally
Following Keith Gill’s post, GameStop (GME) stock rose nearly 74.5% on Monday. Due to unprecedented volatility, the New York Stock Exchange (NYSE) was forced to temporarily halt trading in GME shares several times during the first hour of trading.
Likewise, AMC Entertainment (AMC) saw a staggering 78.4% rise in its stock price on the same day.
Cryptocurrencies steal the spotlight – again!
Back in 2024, AMC and GameStop are back in the spotlight again, but this time the focus is shifting towards major players like Tether and Ethereum in the cryptocurrency space.
In the first half of 2022, the LUNA cryptocurrency collapsed, followed by a similar event that affected FTX in the latter half of the year. The subsequent collapse of Signature Bank in 2023 added to this story. These events reflect the interconnected nature of traditional markets and the cryptocurrency ecosystem.
Where do players focus?
With the focus shifting back to AMC and GameStop in 2024, discussions are now revolving around bigger players like Tether and Ethereum.
However, recent tensions in the cryptocurrency market have raised doubts about the stability and transparency of Tether, despite its reputation as a reliable stablecoin. In addition, the emergence of new stablecoins represents strong competition for Tether (USDT).
Ethereum is also facing scrutiny regarding its classification as a security or commodity by the US Securities and Exchange Commission (SEC). There is anticipation around the SEC’s decision to classify Ether (ETH), the native token of Ethereum.
Investors are eagerly awaiting SEC approval of exchange-traded funds (ETFs) this month. If the proposal is rejected, the price of Ethereum may see a significant decline, affecting overall market sentiment.
SEE ALSO: Global Central Banks Extend Deadline for Cryptocurrency Regulation: The Real Reason Behind the Delay
Would you buy the GameStop and AMC hype again?