Cryptocurrencies and stocks associated with “Roaring Kitty” rose Wednesday following the famed trader’s apparent ‘Merry Christmas’ wish.
What happened: Keith Gill, better known online as Roaring Kitty, became active on the special day after he posted a picture of a neatly wrapped gift.
The message conveyed his Christmas wish and wasn't as cryptic as some of his earlier social media posts.
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The frenzy took over immediately. Shares of GameStop Corp. GME, connected to Roaring Kitty's historic 2021 short squeeze, jumped 7.68% in Robinhood's overnight trading to $33.50.
Similarly, a meme coin of the same name, GmeStop (GME), rose 5% to a market capitalization of $31.26 million, according to CoinMarketCap. The Ethereum ETH/USD-based coin witnessed a 43% jump in trading volume in the last 24 hours,
Another coin, Kitty Inu (KITTY) surged 17.96% in the last 24 hours.
Note that these meme coins have no fundamental ties to GameStop or Roaring Kitty but are just playing on the speculations of a short squeeze of the meme stock and a possible repetition of the 2021 event.
Roaring Kitty's social posts have drastically moved the traditional and cryptocurrency markets in 2024, especially after his comeback in May.
The trader has shared position updates on Reddit and even hosted a livestream on his YouTube channel during market hours.
Price Action: Shares of GameStop closed 0.78% higher at $31.14 during Tuesday’s regular trading session, according to data from Benzinga Pro.
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