History sometimes involves stories that develop, transform, but repeat themselves. Roaring Kitty might do it again. Those familiar with the GameStop story and its impact on crypto have been closely watching Keith Gill and his actions. So, what are investors who are not familiar with the story missing? Here are the details.
GameStop and Roaring Kitty
It was an event that marked 2020 and 2021. While GameStop was being shorted by large hedge funds, a group on Reddit turned the tables. With massive individual investor demand, GameStop, which was expected to go bankrupt, close its stores, and see declining revenue, suddenly became a hot topic.
You know a company is going bankrupt and you are sure of it. Customers are not visiting its stores as much as before, products are staying on the shelves, and you know it is a publicly traded company. What do you do? Large hedge funds started shorting GameStop shares to make easy money. However, a new generation of organized individual investors disrupted this plan. We then saw a process that led to the removal of the “Buy” button for GME shares on the Robinhood app.
Elderly politicians in Congress held meetings and sessions to understand what was happening. They achieved nothing. The organized individual investor group during this process also forms the communities of meme coins on the internet.
Now Gill is trying to reignite the revival torch for GME. If he succeeds and can bring back the spirit of 2020-2021, we may see abnormal rises in meme coins related to GME, meme coins in general, and GME stocks. Indeed, we have been seeing this for a while.
What Did Roaring Kitty Do?
The famous stock investor Keith Gill, known to everyone as “Roaring Kitty” and “DeepFuckingValue”, bought more GME shares yesterday. The total size of the shares held by the famous name climbed to 9 million after the last 4 million purchase, reaching 262 million dollars. Jacob Slade, the founder of Mt. Zion Market Ventures, pointed out that the shares held have reached a size that could include them in the GameStop board of directors.
Additionally, a meme from The Office shared by Gill helped the conspiracy theory gain more supporters.
Since June 2, Gill has been trying to do something, and with his announcement at the beginning of this month that he opened a $180 million position, GME stock started fluctuating. We saw the price increase by 19% in 20 minutes. Following this, he opened his first YouTube live stream in years. It seems that active days await us in the coming period. Maybe it’s time to watch the documentary Eat the Rich: The GameStop Saga on Netflix this weekend. It will help you understand the process and Roaring Kitty’s role.
