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GameStop (GME) Stock Soars As Roaring Kitty Changes Twitter Bio; Is He Back?

The Roaring Kitty has sparked speculations on X with a silent gesture that has contributed to the breakout in GameStop stock
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GameStop (GME) Stock Soars As Roaring Kitty Changes Twitter Bio; Is He Back?

Highlights

  • GameStop stock is exhibiting volatility with more than a 10% daily close
  • The Roaring Kitty move to clear his X bio is surprisingly triggering investors
  • A potential Bitcoin strategy might shift the short squeeze focus associated with GameStop

GameStop (GME) stock is once again in the spotlight. It has outperformed top market indices like the S&P 500 Index and Nasdaq Composite amid recent buzz from Keith Gill, the Roaring Kitty. Known as one of the most controversial short sellers in the industry, Roaring Kitty has made an unusual return on X.

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GameStop Stock on Rampage – The Roaring Kitty Tie

The videogame retail company’s shares jumped 10.02% at the close of trading on May 22. The GME stock settled at $30.86 but added another 22 cents in after-hours trading to show sustained investor embrace.

It remains unclear what the exact reason is behind the ongoing rally, as there has been no recent company-specific news. However, the report that Roaring Kitty is back on X is possibly a signal for retail investors. As pointed out on X by GME analyst Nick, Roaring Kitty has “removed his bio and unpinned his tweet.”

The implications of this move are not immediately apparent despite signaling a likely shift from any GameStock stock-related focus. Roaring Kitty became famous in the 2021 GME short squeeze campaign against Wall Street firms. 

While at the center of the short squeeze, retail investors now generally regard any action from Keith as a signal to buy the stock. It remains unknown whether or not the GameStop stock promoter will share a post on X to show his latest pivot.

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GameStop Eyeing a Bitcoin Diversification

Beyond the company’s native business, GME is known as one of the most volatile stocks in the country. Over the past year, GameStop stock has recorded at least 50 moves and registered a daily close above 5%. 

While this might be one of those, investors are looking forward to new events around the company. As reported earlier by CoinGape, the firm plans to adopt Bitcoin as a reserve asset. The plan will see it raise over $1 billion to buy Bitcoin, giving investors a diversification strategy to watch out for.

Some of the companies on Wall Street that have adopted Bitcoin as a reserve asset have also recorded exponential stock growth. If it eventually makes this pivot, the GME stock may find another realistic anchor to drive its growth.

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Memecoins Decoupling from Hype

Amid its parabolic growth, GameStop stock is generally likened to crypto memecoins because of their volatility. However, the volatility of memecoins is fading as investors are more focused on utility.

Based on their evolution, asset managers are filing spot ETF applications to track some of these memecoins. Recently, the US SEC delayed its decision on Grayscale Dogecoin ETF, one of the many meme ETFs awaiting similar choices.

The projected Bitcoin pivot may add an extra utility to the video game retailer. Possibly, Roaring Kitty may also reaffirm his commitment to the stock as a complement to the GME acquisitions he has made since 2021.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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