GameStop Stock Soars As Roaring Kitty Changes Twitter Bio

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.

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.

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.

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.

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