Prices of Memecoins are skyrocketing as investors reignite the meme stock frenzy that gripped markets back in 2021.
A cryptocurrency created earlier this year that uses the logo of video game retailer GameStop (NYSE: NYSE:GME) has risen more than 1,400% in the last 24 hours despite serving no purpose and having no affiliation with the company.
Other memecoins such as WIF (CRYPTO: WIF), PepeCoin (CRYPTO: PEPE), and Bonk (CRYPTO: BONK) are also seeing big gains.
The moves higher come as retail investors cheer the return of Keith Gill, known online as “Roaring Kitty,” to social media after a three-year hiatus.
The share prices of popular meme stocks such as GameStop Corp (NYSE:GME) (GME) and AMC Entertainment Holdings Inc (NYSE:AMC) (NYSE: AMC) have more than doubled in the past 24 hours as the market craze returns in force.
Gill led a coordinated short squeeze of GameStop’s stock during 2021 when the meme stock craze overtook Wall Street, sending prices of heavily shorted stocks skyrocketing.
Memecoins are cryptocurrencies that have gained viral popularity due to heightened attention and discussion on social media.
Most memecoins were started as a joke and serve no real purpose.
The big run in memecoins comes after Gill posted a picture on X of a video game player leaning forward in a chair, which is a meme used to indicate that people are taking a game seriously.
Gill has not posted on social media since 2021, when he abruptly disappeared after making, by some estimates, $50 million U.S. on his GameStop bet as the stock’s price rose sharply due to the short squeeze he coordinated.
Some regulators have accused Gill of engaging in market manipulation, though he has always maintained having a legitimate interest in GameStop as a company and an investment.
A Roaring Kitty memecoin, known as KITTY, rose as much as 8,000% on May 13 on news of Gill’s return to social media.