GameStop Corporation (NYSE: GME) has seen its trading halted multiple times today due to extreme volatility in the stock price. As of June 7, 2024, trading for GME was paused at 09:32:28 ET, as indicated by the latest Nasdaq trading halts report.
The recent surge in GameStop shares can be attributed to the return of Keith Gill, famously known as “Roaring Kitty,” to social media. Gill’s activity on social media platforms has reignited interest among retail investors, leading to a dramatic increase in trading volume and stock price.
On Monday, GME shares skyrocketed, prompting nine trading halts due to volatility under the NYSE’s Limit Up Limit Down (LULD) rules. GameStop’s stock rose by an impressive 47% on Thursday, and 30% over it today however it also lost its gains as the price is near to the opening price right now.
Additionally, Roaring Kitty-themed meme coins have seen massive gains. Data from CoinGecko shows that the meme coins GME, KITTY, and ROAR have surged by 115%, 235%, and 94%, respectively. They are currently trading at $0.02601, $0.0312, and $0.00132.
The GME memecoin, based on the Solana blockchain, shares the same ticker symbol as GameStop stock but has no official link to the retailer. Similarly, ROAR and KITTY are themed around Gill’s Roaring Kitty persona but have no formal connection to him. Remarkably, the GME memecoin has jumped over 5500% in the past four weeks, reaching a market cap of about $191 million with an average 24-hour trading volume of around $318 million.
The return of Roaring Kitty has not only impacted GameStop shares but also sparked a new meme coin frenzy, showcasing the ongoing influence of social media figures on both traditional and digital asset markets.
Also Read: GameStop Rally Boosts Roaring Kitty Memecoins to New Highs
