Exploring GameStop stock price going up by 70% in light of Roaring Kitty's return to social media

GameStop stocks are up by more than 70% today, May 13, 2024, and every finger is pointing to social media meme-stock person Keith Gill, better known by his online alias Roaring Kitty. The surge has been directly attributed to Keith's recent return to social media after he made his first post on X in three years at exactly midnight GMT.

Video game enthusiasts and stock aficionados will remember the time when the WallstreetBets subreddit pushed brick-and-mortar GameStop stocks between 2020-21, causing widespread panic and a strong reaction from officials after a couple of Redditors, including Keith Gill who goes by "DeepF**kingValue" (DFV for short) on the platform, drove a $3 stock up to $120 in a couple of months.

The controversy resulted in numerous official investigations, with Roaring Kitty facing several lawsuits at the time. Let us explore what meme he posted recently that caused the stock to go up so fast in a day.

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"Wake up, DFV posted": Roaring Kitty's first meme in three years goes viral on r/wallstreetbets as GameStop stock surges 70%

Baby wake up, DFV posted on twitter byu/nathan1319 inwallstreetbets

The static meme Roaring Kitty posted on X featured a sketch of a guy playing a video game with a controller. The driving factor in the meme is a red arrow showcasing a man slouching and then straightening his posture, insinuating that he has returned from a relaxed state and is now focused.

While this could mean several things, the post was promptly shared by enthusiastic Redditors on r/wallstreetbets, with the caption reading:

"Baby wake up, DFV posted on Twitter"

Readers should note that Roaring Kitty has not posted anything explicit about going after GameStop stocks, but considering how infamous he is for the meme-stock craze from a couple of years ago, the seemingly innocent post on X, which has garnered over 18 million views within 20 hours, appears to have caused a large chunk of the subreddit to go on the offensive again.

oh we are so back byu/most-regarded inwallstreetbets

Over the day, several members of r/wallstreetbets have been posting about their GameStop trades, many celebrating that the prices have been charting up. The stock went up more than 110% at one point, with authorities stopping the market on several occasions throughout the day. As of right now, it is at a +79%.

While the increase is nowhere near what occurred a couple of years ago, the upward trading trend has naturally received a lot of attention from analysts and traders, mostly because of the upheaval DFV caused back in 2021.

Readers should note that all of this transpired shortly after Roaring Kitty's comeback meme, which was by all accounts, bereft of any overt instructions about trading and does not even mention GameStop Corp.