Who is Roaring Kitty and What Inspires the Meme Coin Drive?
The infamous Roaring Kitty that drove up the stock price of video game retailer GameStop (GME) has returned to social media spaces, sparking a new rally in related stocks and meme coins. What was his rise to fame, his first investments, the GameStop saga and potential return?
Who is Roaring Kitty?
Roaring Kitty turns out Keith Gill is a financial analyst who shares his investing methods on X (formerly Twitter), YouTube, and Reddit. Gill was born in 1986, with a talent for sports in his early years. After graduation, he worked for a software company that provided a stock analysis program before taking a position at MassMutual.
Between 2014 and 2020, Roaring Kitty popularly made pose videos and livestreams of her formula for tracking stocks for educational purposes only.
Keith Gill and GameStop
According to that, GameStop Despite the ridicule of many analysts, the shares were significantly undervalued. In 2019, he shared a $53,000 investment in the company and was ridiculed by some social users. Unfazed, he doubled down on his opinion, explaining why its value was lower during the pandemic.
The odds changed as lower rates led to more funds from investors and lower consumer spending. Online trades fueled a rally in end assets for a variety of reasons, including going against larger hedge funds and supporting the company. This creates a whole community around Reddit and YouTube.
GME rose from $4.56 on January 4 to $347 per share on January 27, 2021, causing panic in hedge funds that had previously taken short positions. At its peak, GME reached $483 before correcting sharply to $193. Trading platform Robinhood also announced some restrictions on the asset following the frenzy.
How Was It Solved?
Known as Roaring Kitty on social media, Reuters identified him as Keith Gill after naming a short-lived company Roaring Kitty. Similarly, other agencies used other public records to uncover his identity. Following the crackdown on meme stocks, Gill restated his belief that GameStop shares were undervalued before Congress in February 2021. A class action lawsuit filed against him by investors alleging securities law violations was dismissed.
How Much Did Gill Earn?
It’s unclear exactly how much his profit was at the time, but in April 2021 he published a spreadsheet of his GME shares worth $34 million.
Return and Its Effect on Meme Coins
After a long period of silence since 2021, Gill resurged on May 12, 2021, by posting a post of a person playing a video game, followed by two more posts. This got users fired up about its potential return, sparking a frenzy for GME and meme coins. Price GME As the accumulation continued and with the increase in meme money, it increased by 75%.
A lot meme coins Double-digit inflows were recorded before the broader market correction due to macroeconomic factors. At the time of writing this news, the value of the meme coin market is at 58.4 billion dollars.
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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