Key Points
- GameStop shares soared 110% today, and last traded up to 83.2% before a halt in trading due to high volatility.
- Keith Gill aka Roaring Kitty is back on X following a 3-year hiatus.
According to the latest reports from CNBC, GameStop shares rallied today before a halt in trading. GameStop last traded at around 83.2% after surging 110%. Trading was halted multiple times due to high volatility.
A few hours ago, Keith Gill, also known as Roaring Kitty, came back on the X social media platform after an absence of three years. He was previously known for running a Reddit account that was at the center of GameStop’s short squeeze in 2021.
He was an important player in the meme stock craze of 2020 and 2021, and mostly won his popularity due to the substantial bets on GameStop.
Back in January 2021, Gamestop was in the highlight due to a short squeeze that got the financial world’s attention. Back then, about 140% of the company’s public float was sold short, and this set the stage for an unprecedented rise in stock prices while short sellers were scrambling to cover their positions.
CNBC notes that GameStop shares hit an all-time high of $120.75 intraday in January 2021, adjusted for a subsequent 4-for-1 stock split in the summer of 2022. However, as interest from individual investors eventually faded, the stock collapsed.
Roaring Kitty just shared a post earlier today, reigniting interest in the meme stock phenomenon. His post depicts a person playing video games, leaning forward in his chair.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
There is also a meme coin, GME token on Solana, dedicated to GameStop that saw a price comeback of over 1,500% today on CoinMarketCap.
The current market cap of the token is around $50 million.
- Zoom
- Type
What is GameStop?
GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, and this is the largest video game retailer worldwide.
