GameStop May Not be the Gaming Force it Used to Be, But That Hasn’t Stopped 1 Meme Pushing the Company Over the Edge Again

Stock market enthusiasts have launched a new community effort to rescue this retailer.

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SUMMARY

  • GameStop stocks went up by 74% thanks to the community following in the footsteps of a famous stock market insider.
  • Roaring Kitty has resurfaced again on X, making its followers by meme stock, which includes retailer shares, go up after many years.
  • This new move also causes shares of other companies to rise, such as AMC.
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Since the introduction of digital games, all major retailers have struggled to survive with fewer sales of physical games. But there is a particular part of the stock market that is trying to save GameStop from losing more value. Roaring Kitty, a well-known user in this community, successfully boosted GameStop’s stock share in 2021. 

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Three years later, he has risen once more, propelling the company’s shares to a 74% increase. This phenomenon is called meme stock, and other companies have also gone up with this trend.

Roaring Kitty Saves GameStop Again

GameStop stocks went up again after three years.
GameStop stocks went up again after three years.

The once-giant retailer has been going through a rough patch for a couple of years now. GameStop has closed down several stores to avoid more losses. However, in recent years, they have proven to be more profitable with certain business moves, but the market value has not increased until now. This company’s value has risen thanks to a very popular stock market insider and the meme stock movement.

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Roaring Kitty is very popular among the stock market community, especially on X. He alone was the precursor of the meme stock movement that began with GameStop in 2021, because this user didn’t want the company to go bankrupt.

In 2021, the share value will rise from $20 to $400. The user known as Keith Gill (Roaring Kitty) recently replicated this by posting a meme of a person focusing on a more serious gaming pose.

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The Meme Stock Is Happening Again

Roaring Kitty makes the shares go up to 74%
Roaring Kitty makes the shares go up to 74%

While GameStop experienced a $74 increase on Monday, Gill’s movement continued with a 78% increase in AMC shares; other smaller increases came from companies such as BlackBerry. Gill is widely regarded as a champion for smaller companies, often causing financial losses for larger corporations through his actions. This insider has more than 1.2 million followers on X, making him really popular among stock market specialists.

The meme stock has been resurging this month for no reason. The retail video game retail company reported its first profit since 2018. Gill had trouble in the past with this kind of action that seemed to be trying to manipulate the stock market or shares, but he said that he really loved the market and that it was only for investing and sharing his knowledge. Fans of Gill are making the same moves as him.

In a recent interview with FandomWire, the former co-funder and President of GameStop, Gary Kusin, talked about how the company tried to adapt to the current market as well as they could. He also mentioned so many insights in the industry that certain acquisitions almost always happen. This was part of a deep interview where Kusin answered many questions about his experience with this always-changing business.

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What are your thoughts about meme stock? Let us know in the comments!

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Written by Lucas Lapetina

Articles Published: 515

I'm a big fan of movies and videogames in general. I really love Pokémon and Godzilla. One of my favorite games is The Last of Us, Part II. A compelling and well-written story is always welcome.