Keith Gill, known as @TheRoaringKitty on The period of intense concentration inspired users to jump into the trades, pushing GameStop’s share to 44% in pre-market trading and doubling it during market hours before trading was halted. Likewise, AMC Entertainment Holdings (NYSE:AMC) saw its stock price soar 30% after the market opened.
This activity has extended to the cryptocurrency sector, particularly on the Solana blockchain, where a GameStop-themed meme coin has surged more than 550%. Other meme tokens like AMC are up 1200%, while smaller cat-themed coins like KITTY are up thousands of percent. Large meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also enjoyed gains.
Gill, who started gaining a lot of attention on Reddit in 2019 with his bullish stance on GameStop, became a key figure in short selling in January 2021. As a result, the stock price soared from $4 to over $120 in just one month, turning his initial investment of $53,000 into nearly $50 million. At the peak. This dramatic event impacted major hedge funds, particularly Melvin Capital, which suffered significant losses due to its short positions in meme stocks.
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