Degens Pump Memecoins as GameStop Meme Frenzy Returns

Roaring Kitty has returned to the stock market scene, rallying armies of degens to once again screw over institutional short traders and earning a quick buck for disgruntled everyday investors.

Keith Gill, or TheRoaringKitty on Twitter/X, made a name for himself in 2021 by inspiring slews of internet traders to blindly buy shares of GameStop (GME), based on nothing other than pure resentment for 'the man.'

Both fundamental and technical analysis went out the window as GameStop's stock price soared from $5 to $500 in a matter of days, resulting in short sellers losing billions of dollars.

Gill's involvement landed him a subpoena from Massachusetts securities regulators. After he testified before Congress in June 2021, Gill seemingly fell off the map.

However, on Sunday, Gill broke his radio silence. In a tweet simply showing a man holding a controller and sitting up to attention, Gill subtly implied his return to the scene.

GME has since surged more than 200% over the past five days as retail traders celebrated the return of Roaring Kitty.

Even internet favourite Andrew Tate joined in. “There’s a hedge fund manager who, when he wakes up tomorrow morning—if GameStop opens at the current price—he’s gonna lose $13 billion dollars,” Tate said in a?Twitter video. “His entire hedge fund!”

Tate added that he's even selling Bitcoin to pump GME. “I’m cashing half a million dollars of Bitcoin right now and I’m going all-in, maximum leverage, all-in on all these stocks,” Tate claimed. “We’re losing all the money, we are taking down Wall Street, we’re going to take them down ourselves."

“I’m taking Wall Street down, watch me,” he continued. ”Fuck ‘em. Fuck ‘em all.”

Crypto degens, who will find any excuse to pump memecoins, took the stock market's meme hype as a signal that meme-season must be in session.

PEPE and FLOKI are up 44.20% and 23.22% over the week, while Solana-based memecoin GameStop (GME) is up a stonking 3,419.52%.

“People are bored and are taking any little sign of hope they can,” pseudonymous crypto trader Daan Crypto Trades explained. “If the price moves up and people don't know why, they will think of narratives to support and explain why the price is doing what it does.”

“[The 2021 GameStop] saga is still on a lot of people's minds. I don't think anything but price going up needs to happen. I am always of the belief that price precedes narrative. So projects can have great fundamentals but if price doesn't move people don't care,” they added.

“The excitement generated around GameStop memecoins demonstrates there’s capital out there that’s not being allocated,” Tyr Capital chief investment officer Ed Hindi added

“Investors are overreacting to short-term trends like the GameStop event precisely because the market is quiet at the moment. We need a new narrative in the crypto markets,” Hindi said.