In recent days, GameStop has once again become a trending topic on Reddit's infamous WallStreetBets page. Mentions of the video game retailer on the forum have exceeded 900 within the last week, according to data from Quiver Quantitative. This surge in discussion has catapulted GameStop to second place as the most referenced equity, just behind the SPDR S&P 500 ETF Trust.
The resurgence in GameStop's popularity on WallStreetBets can be attributed to the return of “Roaring Kitty,” also known as Keith Gill. Having disappeared from online platforms for almost three years, Gill made a grand re-entry with a post depicting a video game player in a serious gameplay stance. This post quickly garnered over 80,000 likes after being shared on Sunday night, signaling his influence on the Reddit community.
Following the reappearance of “Roaring Kitty,” multiple Reddit users shared their GameStop positions on WallStreetBets, showcasing their renewed interest in the stock. However, it was noted that several posts on the topic were being filtered out, indicating a level of censorship on the platform. Despite this, GameStop's shares experienced a significant surge in Monday's trading session, prompting multiple trading halts due to heightened volatility. As a result, the so-called meme stock has surged by nearly 70% in 2024.
The resurgence of GameStop and the influence of “Roaring Kitty” once again highlight the power of social media in shaping stock market trends. The ability of a single individual to drive discussions and influence investment decisions underscores the evolving landscape of trading in the digital age. As platforms like Reddit continue to play a significant role in driving market sentiment, regulators and market participants alike are forced to adapt to a new era of market dynamics.
This recent resurgence in GameStop's popularity serves as a reminder of the volatility and unpredictability of meme stocks in the current market environment. The influence of online communities like WallStreetBets can have a tangible impact on stock prices, leading to both excitement and concern among investors. As we navigate these uncharted waters, it becomes crucial for market participants to remain vigilant and informed to make sound investment decisions in an ever-evolving market landscape.