The stocks of both AMC Entertainment (AMC) and GameStop (GME) experienced significant surges during the latest trading session, with gains of 61% and 21% respectively. Investors are particularly stunned and captivated by the sudden uptick in prices. This is leading to widespread speculation regarding the resurgence of these meme stocks.
Why GameStop Returned to the Spotlight
The catalyst behind this GameStop surge is traceable to a post made by Keith Gill, also known as Roaring Kitty. Gill is a prominent internet figure who played a significant role in fueling the GameStop rally of 2021 through his Reddit posts and livestreams.
Gill’s recent post on X, featuring an image of a man holding a video game controller, marks his return to the platform after nearly three years of silence. Traders and investors are interpreting it as a potential signal that meme stocks and cryptocurrencies could be gearing up for another rally.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
The frenzy that surrounded GameStop in 2021 resulted in a surge of so-called meme stocks, accompanied by a notable increase in the value of top memecoins and tokens. Currently, other memecoins are gaining traction, with Elon Musk’s favorite, Dogecoin, taking the lead. Other memecoins including Pepe and Floki have also inked notable gains.
Memecoins and Price performance
The surge in GameStop’s stock price saw a remarkable increase of 61.09% to reach $26.38, following a 3.05% decline on the preceding Friday when it closed at $17.46. During the height of the meme stock craze in 2021, GameStop’s share price reached an astonishing high of $86.88.
Similarly, AMC Entertainment’s stock exhibited an impressive performance, experiencing a gain of 21.31% and trading at $3.53. Despite this surge, the AMC stock price remains significantly down from its all-time high of $72.62, currently standing at a staggering 95% decline.
As meme stocks of GameStop and AMC experience a bullish trajectory, many investors are eager to see it sustain its gains in its latest uptick. With VanEck’s MarketVector Indexes now tracking top meme coins, market watchers say it will be interesting to see where each memecoin lands on the rating.