Roaring Kitty is back after a 3-year hiatus following the Wall Street Bets legendary GameStop (GME) short squeeze, and here’s what it means for crypto.
We are now living in a meme in which near-irrelevant retailer Gamestop’s stock has soared in a historic, volatile fashion due to a single random tweet from the investor who started it all, Keith Gill, better known as Roaring Kitty – Deja Vu? Feel like it’s 2021?
This resurgence for GME on Monday, marked by an impressive +74.40% price jump to $30.45 from its previous close at $17.4, can be traced back to Roaring Kitty’s tweet. GameStop’s short squeeze saga famously led to the bull run for meme coins like Dogecoin and Shiba Inu.
So how do we profit from this? Has the bull run supercycle started?
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
The Unexpected Catalyst of Roaring Kitty in Crypto Markets
When comedian Katt Williams said 2024 is “the year of truth” in his viral podcast with Shannon Sharpe, we don’t think anyone thought we’d see GameStop return.
Roaring Kitty, who had remained silent on social media for three years, posted an enigmatic meme depicting gamers shifting from a relaxed to a competitive stance.
He’s taking things seriously now – and the whole world went ballistic over the return of the legendary short squeeze leader.
The tweet’s cryptic nature reignited interest in GameStop among influencers like Dave Portnoy, Andrew Tate, and the once-famous Wallstreetbets subreddit.
After a period of skepticism and bearish trends, signals such as rising NFT volumes and institutional investors returning to stocks and cryptocurrencies suggest a growing belief in the return of a bull market.
- Roaring Kitty tweets
- GME pumps due to shorts
- It is a speculative pump, so TradFi shorts for easy money, but meme pumps harder, liquidating all shorts
- Money goes from Tradfi to Degenfi
- Degenfi goes to crypto with their gains and this starts the bull run supercycle
This happens as the US economy shows remarkable growth akin to the late ’90s and early 2000s. Global monetary policies, like a possible European Central Bank rate cut and China’s shift to zero rates, suggest a favorable financial climate for bullish sentiments.
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Will GameStop 10x From Here From Roaring Kitty
Roaring Kitty isn’t letting up posting memes all day on Monday, making investors wonder what he’ll do this week.
As for price action for GME, there are no fundamentals.
The price action looks like a pump-and-dump since it’s been short for two and a half years. GameStop has a lot of cash, so it’s not a dead company yet. But all their “new” ventures, like their NFT marketplace, have been 100% failures.
Obviously, there are no catalysts for GME that have a basis in reality – but hype value has its own worth in the 21st century.
All that said, it’s GameStop – the King of Memes. It’s the most talked about stock right now. So, while a hold is risky, it could also continue to go parabolic.
(GMEUSD)
While some investors are hopeful we’re on the brink of GameStop 2.0, others caution against expecting a repeat of the astronomical rise seen in 2021 – after all this time it’s not Wall Street Bets versus the Big Man – there’s no short squeeze dual at play.
On the crypto side, Bitcoin’s recent formation, resembling a cup-and-handle pattern, further fuels the anticipation of a market turnaround.
Though bears and short sellers lurk in the shadows for crypto and GME, the entire financial community is ready to witness a potentially new chapter in the meme stock narrative unfolding.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
