Is GameStop the Dogecoin of the US Stock Market?

Keith Gill, the "Roaring Kitty," has ignited the crypto market with his return and propelled GameStop stock by 74.40% in a single day.

A post from Keith Gill's account has captured the attention of traders and investors as GameStop (GME) stock surged 74.40% in a single day. The retail trader hinted at his comeback by sharing a meme on , suggesting a potential rally in memecoins.

The Comeback of the Meme-Stock Guru

On May 13, Keith Gill, who had been absent from social media since June 19, 2021, resurfaced through a tweet on . As a key figure in the 2021 GameStop saga, his return has influenced the meme-stock market, particularly GameStop stock.

[Image of Keith Gill's tweet from May 13, 2024]

The tweet garnered over 10K comments and 23.3 million views, demonstrating his continued popularity in the meme-stock market. The tweet sparked a surge in GME stock price, reaching over $30.45 after a 74.40% increase in a day.

Impact on Other Memecoins

The influence of Gill's return extended to other memecoins, including Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB). Crypto enthusiasts flocked to to discuss the sudden boom in the memecoin space.

[Image of a tweet comparing GME, DOGE, PEPE, and other memecoins]

Curb, a crypto analyst, compared various memecoins and hinted at a potential surge in the memecoin market.

Is It Meme-Stock Time Again?

Gill's post has reignited interest in memecoins and has led to price increases for several coins. GEM, a meme token inspired by GameStop, witnessed a 318.0% surge, reaching $0.01113 in a day.

At the time of writing, DOGE had gained 6.5% to $0.1523, while SHIB reached $0.00002382 after a 5.3% increase. PEPE was trading at $0.00001071, following a 21.6% daily rise.

Expectations for Q1 2024 Earnings Report

With GameStop stock performing strongly, investors and traders are anticipating positive results from the upcoming earnings report. GameStop's Q1 2024 earnings report is scheduled for June 5, 2024, with analysts estimating a negative EPS of $0.09 and revenue of over $1.045 billion.

However, it's worth noting that GameStop's Q4 2023 earnings and revenue report fell short of expectations, indicating a 25.42% decline in earnings.