The Return of Keith Gill: Memcoin Market Excitement
Date: 2024-05-14 Author: Henry Casey Categories: IN WORLD
Publication Roaring Kitty
Financial analyst Keith Gill, also known as Roaring Kitty, returned to active social media posting with a post on X. This event led to a surge in activity in the memcoin market.
Immediately after Gill's post, the GME token rose by 330%, and KITTY by a whopping 6,000%. This explosive growth occurred in less than 24 hours after publication.
Market Activity
Traders actively interacted with memcoins, attracted by the potential profits. One trader who spent $65,000 on GME was able to make over $270,000 in net profit in one day.
Gill's post also boosted the popularity of memecoins, including the GameStop token (GME), which is not affiliated with the company. This led to a significant increase in trade and activity in the market.
Historical context
Keith Gill previously became famous for his involvement in the events surrounding hedge fund Melvin Capital's short position in GameStop stock in 2020, causing a huge market frenzy and significant financial losses for investment firms.
This new surge of activity around memecoins follows the unveiling of a beta marketplace for trading non-fungible tokens (NFTs) from the GameStop team in 2022, indicating the continued evolution of this market segment.
