Investor Keith Gill, known for sparking the meme stock rally during the pandemic, has made a sensational return to social media after a three-year absence. GameStop It fueled the rise in (GME) and AMC Entertainment (AMC) shares. His reappearance on social platforms, especially on X, was taken as an indication that he was “getting serious.” This has sparked a resurgence of interest among retail investors.
The post caused a frenzy among retail investors, with comments like “it’s back,” “game on,” and “just in time for the meme coin supercycle,” a reference to the recent surge in smaller cryptocurrencies. happened.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
NEWS CONTINUES BELOW
Market Reaction and Volatility
Following Keith Gill’s post, shares of GameStop (GME) skyrocketed nearly 74.5% on Monday. Due to unprecedented volatility, the New York Stock Exchange (NYSE) was forced to temporarily halt trading in GME shares multiple times within the first hour of trading.
Similarly, AMC Entertainment (AMC) saw its stock price rise 78.4% on the same day.
Historical Events That Will Repeat
In 2024, AMC and GameStop came to the fore once again. However, this time the focus is shifting towards big players in the cryptocurrency space such as Tether and Ethereum.
In the first half of 2022, cryptocurrency LUNA crashed, followed by a similar event affecting FTX in the second half of the year. Then, the collapse of Signature Bank in 2023 was added to the narrative. These events reflect the interconnected nature of traditional markets and the crypto ecosystem.
Switching to Tether and Ethereum
With AMC and GameStop coming into focus once again in 2024, this time discussions are shifting towards larger players in the crypto space like Tether and Ethereum.
#XRP #XRPCommunity
The last time AMC and Gamestop were in the headlines was the end of 2021. This preceded the LUNA collapse in the first half of 2022, followed by the FTX collapse in the second half of 2022. After that was the collapse of Signature Bank in 2023 .
Now it’s 2024…— Ashley PROSPER (@AshleyPROSPER1) May 14, 2024
Meanwhile, recent tensions in the crypto market have led to the decline despite its reputation as a reliable stablecoin. TetherIt raised doubts about the stability and transparency of . Additionally, the emergence of new stablecoins poses tough competition for Tether (USDT).
Ethereum it also faces scrutiny from the U.S. Securities and Exchange Commission (SEC) over its classification as a security or commodity. There is anticipation regarding the SEC’s decision to classify ETH, Ethereum’s native token.
Investors expect the SEC to approve spot ether exchange-traded funds (ETFs) this month. If rejected, Ethereum’s price could drop significantly, impacting overall market sentiment.
