Keith Gill's $586M GameStop Bet Sparks Frenzy

GameStop shares skyrocketed on Thursday, closing 47% higher, following a significant update from retail trading icon Keith Gill. Gill, who gained notoriety during the GameStop short squeeze in 2021, has rekindled interest in the stock. Moreover, he announced an eagerly anticipated YouTube livestream for Friday, igniting further excitement among retail investors.

Gill’s resurgence on social media after a three-year hiatus has undoubtedly contributed to the renewed frenzy around GameStop. His return last month sparked a notable uptick in memecoins, digital assets often tied to popular internet trends.

Consequently, the Solana-based meme token GME, inspired by GameStop but unaffiliated with the company, surged over 110.30% in the past 24 hours, according to CoinMarketCap data. Despite a broader pullback in the crypto market, GME’s performance stands out as a remarkable exception.

Additionally, the micro-cap AMC token, which shares its name with the struggling movie theater chain but also has no official ties, experienced a significant jump of 1.22%. This token’s rise highlights the influence of Gill’s online presence and the broader impact of retail trading dynamics on digital assets. These developments echo the memecoin frenzy of early 2021, driven by online communities and social media hype.

Gill’s stock and options position in GameStop now boasts a combined worth of approximately $586 million. This impressive figure, shared via a Reddit screenshot, underscores the magnitude of his commitment to the stock. Moreover, it reflects the enduring appeal of GameStop among retail investors who continue to stick around the company despite its tumultuous journey.

The ripple effects of Gill’s update extended beyond GameStop and the crypto market. His influence on the digital asset space is evident in the substantial gains seen by tokens like GME and AMC. These tokens, though unaffiliated with their namesake companies, benefit from the fervor generated by influential figures like Gill. His return has sparked a renewed interest in memecoins, pushing the GME token up over 3,000% since mid-May and propelling its market capitalization past $120 million.