The price of GameStop token (GME) surged following the return of the famous blogger Roaring Kitty, who posted an animated GIF on social media, leading to increased trading activity.
Roaring Kitty's Impact on GameStop Price
The Solana-based GameStop token (GME) saw its price rise to $0.00402, a 13% 24-hour gain, with its market capitalization reaching $27.57 million. This was accompanied by a 47% increase in trading activity, totaling $10.28 million.
Roaring Kitty's Historical Connection with GameStop
Roaring Kitty gained fame for his support of GameStop stock in January 2021, when he invested $53,000 and advocated for the company among his online followers, leading to a significant rise in its stock price.
Legal Issues and Outcomes
In June 2024, a GME investor filed a lawsuit against Roaring Kitty, accusing him of manipulating the company’s stock for personal gain. However, the lawsuit was dropped after three days due to insufficient evidence.
Roaring Kitty’s return to social media once again created a significant impact on the GME token price, showing that his influence on stocks and cryptocurrency remains substantial.
