Why is GameStop Price Rising Today?

GameStop token is referenced from the popular video game retailer GameStop.inc. Although it has no direct connection, investors have still maintained a hype around it, which has helped the GameStop price achieve multiple milestones in the crypto market. Interestingly, the token is rising again, gaining a significant surge in the last 24 hours.

GameStop Price Surged 10% With Roaring Kitty’s Tweet

The crypto investor’s enthusiasm is building with the beginning of a new year. In a similar possible mindset, Roaring Kitty reappeared online, posting Rick James-themed GIF. With that, the trading activity began rising for the GME, pushing the trading volume 43% to $9.81M. This increased network activity and pushed the GameStop price by 10% within a day. It is currently trading at $0.00395 with a market capitalization of $27.19M. Another GameStop-inspired coin surged 350%.

Interestingly, there is a long history between the popular finance influencer Roaring Kitty and the game retailer. Additionally, the popular Solana meme coin GameStop (GME), including today, has often taken advantage of this connection. Even, the post had no promotional stuff or anything relevant to this cryptocurrency. Still, despite that, the price began to rise, and there is a very interesting reason behind that, which goes back in time.

Why Does Roaring Kitty Influence The GameStop Price?

Keith Gill is a famous financial analyst and investor who goes by the name “Roaring Kitty.” He has a massive fan following because of his price analysis and market predictions. Interestingly, in January 2021, he helped the game retailer GameStop through financial trouble. He invested $53k and even promoted the business’s stock, eventually helping it through tough times.

However, soon after that, he disappeared from the internet for three years before re-emerging in May 2024, and his first post pumped the GameStop stock price by 50%, whose influence was also seen on the GME crypto. Ever since then, every time Gill posted anything, people began flocking to the token in the hope of heavy profits, influencing the GME price.

What’s In There For You?

Despite the GameStop token’s recovery today, there is a long way to go before it reaches its prime. It was in its prime during July 2024, when it surged to $0.03201, but has lost 87% of its value ever since then. However, this is not the first time the GME price has dropped to this low. Such price drops are very common for this cryptocurrency, but it is also important to note that it has recovered after every drop as well. Interestingly, today’s 10% surge is one of those attempts at recovery. If the investor’s sentiments remained the same and Bitcoin price regained bullish momentum, the GameStop price could recover further, but careful investment strategies must be followed.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.