Meme coins GME, AMC, ROAR rally as GameStop trader Keith Gill returns to X

GameStop and AMC-themed memecoins saw huge gains after influencer Keith Gill, better known as Roaring Kitty, made a comeback to X.

GME (GME), a Solana-based meme coin with no connection to the American video game company, rose over 70% to $0.7672. The rise was fueled by a 203% increase in daily trading volume to $51.23 million.

GME (Ethereum), a similar meme coin on the Ethereum network, also benefited from Gill’s return, rising over 51% to reach an all-time high of $0.0002487 on December 6. However, it has fallen 21% since then, according to CoinGecko. data.

Meanwhile, meme coin AMC, created to mimic AMC Entertainment, a movie theater chain, is up over 50%, while meme coins KITTY and ROAR, inspired by Gill’s online persona, are up over 45%.

All of the aforementioned meme money rebounded following Gill’s post on December 6, marking her first post on the platform in three months. The post featured a modified version of a 2006 Time magazine photo illustration that was a tribute to YouTube.

Although tokens were not mentioned in the post, the crypto industry has a history of responding to Gill’s posts with similar rallies, and this time was no exception.

Gill’s influence on these meme coins stems from his role in the 2021 meme stock craze, where he became a symbol of retail traders revolting against short sellers on Wall Street. Known for his detailed analysis of GameStop’s potential and viral posts, Gill played a pivotal role in the GameStop short squeeze that caused the stock to skyrocket above $81.

These gains come as the cryptocurrency industry is heading into altcoin season, as evidenced by the Altcoin Season Idex, which recently reached an all-time high of 87. An index score above 80 generally signals the start of the altcoin season.

However, these gains are often short-lived, so investors need to be careful. In May, GME token rose from $0.0035 to $0.029 following the comeback of Roaring Kitty, but all these gains were erased within a few days. It fell to a record low of $0.0017 in August.

Similarly, in September, these tokens rebounded after Gill’s

Beyond the crypto space, Gill’s return sent GameStop (GME) shares up over 16% on the day, reaching $30.87 before settling at $28.60. AMC Entertainment (AMC) rose 12% to $5.55, according to Google Finance data.