The return of “Roaring Kitty” sent several so-called meme stocks higher in the U.S. markets this morning.
Keith Gill’s @TheRoaringKitty account on social media platform X has been dormant since June 2021 until Sunday night. The account posted an image. A man holding a controller and moving to sit forward on a chair, This is a meme often used by video gamers. That post alone was enough to send GameStop’s stock price surging more than 100% on Monday morning, with trading halted several times due to volatility.
Gill and the subreddit/WallStreetBets were at the center of the 2021 meme stock craze when shares of GameStop and AMC Entertainment soared more than 1,000% by the end of the year. Other struggling stocks, such as BlackBerry and Bed, Bath & Beyond, also experienced sharp stock price fluctuations throughout the year.
Around the same time, traders began investing in Dogecoin, which was trading below $0.01 per share in January 2021 before exceeding $0.50 in May and then declining. viceroy
+5.89%
It is currently trading at $0.15.
At the time of publication, DOGE and 
SHIB
+5.39%
It is said to have risen about 5.8% in the last 24 hours. The Block’s Pricing Page.
Memecoin has been favored since the launch of a spot Bitcoin ETF earlier this year, and Maartje Bus, vice president of research at cryptocurrency data aggregator Messari, has defended Memecoin’s use case.
“Crypto is often criticized for not having a use case for the average Joe, and that’s a fair comment.” Buss said during his speech: At BUIDL Asia in Seoul last March. “But Memecoin has been successful and consistently successful at actually connecting people to the chain.”
The GMCI Meme Index, which tracks the largest meme coins by market capitalization, was up 6.4% at 299.49 at the time of publication. The GME meme token, which borrows GameStop’s stock quote but has no formal affiliation with the company, traded more than 1,200% higher on Monday with total volume of more than $70 million, Insider reported, citing data from CoinMarketCap.
Gill’s furore in 2021 led to reviews by the U.S. Securities and Exchange Commission, the attorneys general of New York and Texas, and eventually a hearing on the U.S. Congress. Perhaps most notably, Robinhood and its co-founder Vlad Tenev have become embroiled in controversy.
robinhood factors
In 2022, the payment cycle will come to the forefront. The Block reported at the time, “Trading volume for that stock and others on the Robinhood platform increased dramatically, prompting the startup to temporarily halt trading in certain stocks, sparking outrage from users. Robinhood has been hurt by high capital requirements from clearinghouse DTCC in case trades fail during the two-day settlement period.”
Today, cryptocurrencies are a significant part of Robinhood’s business. Cryptocurrency trading volume in the first quarter of 2024 reached $36 billion, a 224% increase compared to the previous year. Stock trading volume increased 40% year over year to $225 billion.
After the earnings call, Tenev said: Robinhood is taking a stand for its customers. And he said it was “unacceptable” for Americans to not have access to cryptocurrencies.
The Block announced on May 6 that the SEC would grant Robinhood Wells NoticeIndicates future legal action for alleged securities violations.
“We wanted to create a purpose-built broker-dealer for the purpose of trading cryptocurrency assets. And we actually came in good faith to meet the SEC. I think we met about 16 times. Unfortunately, it wasn’t reciprocated and there seemed to be no way, so here we are,” Tenev said in a CNBC interview.
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