GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	22,692,967,477	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

22,692,967,477

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00661	-3.97%	0.15974	0.15972	0.15977

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00661

-3.97%

0.15974

0.15972

0.15977

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.1694	0.15168	0.16671	0.16635	0.055475 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.1694

0.15168

0.16671

0.16635

0.055475 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:33:44	66.40	0.15974	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:33:44

66.40

0.15974

USD

Price x Volume	Volume	Base Symbol	Related Pairs
86,505,584.76	537,123,287.09	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

86,505,584.76

537,123,287.09

GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

13/05/2024 8:27pm

NEWSBTC

GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%. Fueling this rally is the return of the influential social media figure Keith Gill’s “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins. GameStop Memestock Frenzy The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds. Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year. While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures. Related Reading: Investment Firm Makes Bitcoin Its Strategic Reserve – Impact On Price According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, “skeptics” were up an estimated $400 million from January to April before slipping into the red by Monday morning. The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania. As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range. Roaring Kitty’s Ripple Effect Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows. Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release. Related Reading: Is The Bitcoin Bottom In? Analyst Reveals Key Price Levels To Watch Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data. For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of $0.00001077 during early Monday trading. Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday. The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges. Featured image from Shutterstock, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

DOGEUSD Dogecoin