The Investor Who Started the GameStop Frenzy in 2021 Returns, Sparking Meme Token Surge
After an absence from social media, retail investor Keith Gill's return stirred up a frenzy in the world of crypto meme tokens on Sunday.
Within a mere 24 hours, a multitude of these tokens flooded onto the Solana network, driving prices upwards.
One notable token, dubbed “GME” after GameStop’s stock ticker, skyrocketed by 1,247% on Monday, boasting a trading volume exceeding $70 million. Notably, this token is not affiliated with GameStop in any official capacity.
Additionally, “GIL,” a newly minted meme token, surged by over 4,000%, garnering a trading volume of around $7 million.
“ROAR” emerged as another Solana-based meme token on Sunday evening, witnessing a remarkable 1,856% increase in trading volume, reaching approximately $12 million. Meanwhile, “KITTY” also experienced a substantial surge in value, surpassing $26 million.
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The rapid creation and trading of these tokens seem to capitalize on the renewed interest surrounding Keith Gill, known for his online persona and ties to GameStop. However, such tokens often lack substantial value and may ultimately depreciate significantly.
Gill’s first tweet in nearly three years reignited interest in meme stocks like GameStop, which soared by up to 119% on Monday, and AMC Entertainment, which saw an 18% surge.
Gill’s tweet featured an illustration of a man gaming, suggesting a potential resurgence of interest in GameStop stock following its drastic decline from its peak in January 2021.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
