Keith Gill, the investor who played a key role in the meme stock rally during the pandemic, returned to social media after three years, causing a surge in GameStop (GME) and AMC Entertainment (AMC) shares. His reappearance on social platforms, particularly on X, featured a meme suggesting he is “getting serious,” indicating a renewed interest among retail investors.
This post sparked excitement among retail investors, with comments expressing enthusiasm such as “he’s back,” “game on,” and “just in time for the memecoin supercycle,” in reference to the recent surge in smaller cryptocurrencies.
Following Keith Gill’s post, GameStop’s (GME) stock jumped by approximately 74.5% on Monday. Due to the extreme volatility, the New York Stock Exchange (NYSE) had to temporarily halt trading on GME stock multiple times within the first hour of trade. Similarly, AMC Entertainment (AMC) saw its stock price surge by 78.4% on the same day.
In 2024, AMC and GameStop are once again in the spotlight, with discussions now shifting towards major players like Tether and Ethereum within the cryptocurrency sphere. Recent events in the cryptocurrency market, including the collapse of LUNA, FTX, and Signature Bank in previous years, highlight the interconnected nature of traditional markets and the crypto ecosystem.
The focus in 2024 has turned towards larger players like Tether and Ethereum within the crypto sphere. Despite Tether’s reputation as a reliable stablecoin, recent tensions in the crypto market have raised concerns about its stability and transparency. Additionally, Ethereum is under scrutiny regarding its classification as a security or commodity by the U.S. Securities and Exchange Commission (SEC), with anticipation around the decision to classify ether (ETH), Ethereum’s native token.
Investors are eagerly awaiting the SEC’s approval of spot ether exchange-traded funds (ETFs) this month. The decision could have a significant impact on Ethereum’s price and overall market sentiment if rejected.