GameStop shares jumped over 640%, after Keith Gill, known as Roaring Kitty, came back on social media last month. The GameStop memecoin also went up 23.81%, doing better than Dogecoin and Shiba Inu. This increase is believed to be influenced by social media, with Keith Gill impacting both the stock and the memecoin.
However, former SEC Chair Jay Clayton commented that this type of trading appears more like gambling than investing. Even though the memecoin’s price went up, overall investor feelings and activity don’t show strong signs of long-term improvement.
For every Keith Gill who strikes it rich on a gamble, there are 1000 others who try and lose everything. But we don’t usually hear about them. Yet, he is some sort of hero who so many are looking up to now.
GME is a terrible vehicle to attack traditional finance. They just switch off the ability to trade the product when it starts to increase. All activist investors should switch to Bitcoin if they want to vent their frustrations. The best thing GME could do now is convert its cash holding into Bitcoin. That would force the companies valuation up regardless of trading halts.