GameStop stock spikes after man that led 2021 ‘meme stock’ rally posts online for first time in 3 years

May 13, 2024 | Political News

On Sunday evening, the man who helped spark the 2021 “meme stock” frenzy that saw GameStop soar over 2,000 percent posted on social media for the first time in three years. 

When trading opened on Monday, $GME exploded, with tens of millions of shares changing hands in the first hour.  

According to Yahoo! Finance, the stock went into the weekend at $17.39 per share, but come Monday, it quickly spiked, reaching a high of $36.70. Trading was halted numerous times due to “volatility.” 

According to CNBC, short sellers betting against GameStop have already incurred losses of $1 billion. 

While the gains have somewhat subsided, the rally had many analysts and traders alike wondering if a replay of 2021 was imminent.  

Most of the speculation was due to a post made by Keith Gill, better known as RoaringKitty on X and DeepF*ckingValue on Reddit. 

At 8pm eastern, Gill shared a meme of a gamer going from a relaxed position to one that suggested they were becoming more focused on the task at hand. No caption was included. 

The post, which as of Monday afternoon has been seen over 19 million times and received over 99,000 likes, was met with comments related to meme stocks. 

“Hey bro what we buying,” one user replied. 

Another posted an image with the caption, “Okay, it's happening! Everyone, stay calm!” 

On Monday, Gill followed that post up with a series of other cryptic videos that appeared to be reacting to GameStop's performance and financial regulators' attempts to halt trading.