Meme Coins GME, AMC, ROAR Rally as GameStop Trader Keith Gill Returns to X

Meme coins inspired by GameStop (GME), AMC Entertainment (AMC), and Keith Gill—also known as Roaring Kitty—saw significant surges after the influencer’s return to X (formerly Twitter) on December 6, 2024.

Key Token Movements

• GME (Solana-based): This meme coin, unrelated to the GameStop company but inspired by its name, surged over 70% to $0.7672. Its daily trading volume also spiked by 203%, reaching $51.23 million.
• GME (Ethereum-based): Another meme coin based on the same name, this one on the Ethereum network, saw a 51% surge, reaching an all-time high of $0.0002487. However, it later dropped by 21%, according to data from CoinGecko.
• AMC: The AMC-inspired meme coin experienced a 50% rally in price.
• KITTY and ROAR: Coins named after Gill’s persona, Roaring Kitty, both saw notable increases of 45% or more.

Impact of Keith Gill’s Return

The rallies were sparked by Gill’s first post on X in three months. His Dec. 6 post, featuring a modified version of a 2006 Time magazine illustration honoring YouTube, seemed to trigger a surge of enthusiasm among the meme coin community, even though the post did not directly reference the tokens.

Gill’s influence on the meme coin market is rooted in his role in the 2021 meme stock frenzy, during which he became a central figure in the GameStop short squeeze. His detailed analysis and viral posts contributed significantly to the rise of GameStop’s stock price, which reached over $81 at the height of the short squeeze.

Broader Market Sentiment

These movements coincide with growing optimism in the broader cryptocurrency market, particularly in altcoins, as reflected by the Altcoin Season Index hitting an all-time high of 87. An index score above 80 typically signals the start of altcoin season, where altcoins outperform Bitcoin.

Caution for Investors

Despite the immediate gains, investors should be wary. Past rallies triggered by Gill’s posts have often been short-lived. In May 2024, the GME token surged from $0.0035 to $0.029, only to drop to $0.0017 by August. Similar patterns of rapid price surges followed by steep declines were also seen in September.

Stock Market Response

Gill’s return also positively impacted traditional markets, with GameStop (GME) shares rising over 16%, reaching a high of $30.87 before settling at $28.60. AMC Entertainment (AMC) also saw a 12% jump in share price, reaching $5.55.

In summary, Keith Gill’s return to X had a strong impact on the prices of meme coins and stocks related to GameStop and AMC, though the volatility of such rallies should prompt caution among traders.