Why this meme stock frenzy is different from 2021
CNN
Meme stocks like GameStop are having another moment but a lot has changed on Wall Street and in the wider world since the heady days of 2021.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Meme stock mania is back. This time around, it’s looking a little different. Meme stocks saw a resurgence last month after Keith Gill, an investor who helped stoke the meme stock frenzy in 2021, made his first post on X in three years. Also known as “Roaring Kitty,” Gill has since posted screenshots on Reddit that appear to show GameStop shares and call options worth hundreds of millions of dollars in his portfolio, stoking excitement among his devout followers. (CNN has not independently confirmed the screenshots.) GameStop shares have surged roughly 75% and seen wild, unpredictable swings since that first post. Gill’s fans last Friday flocked to his livestream, inundating the live chat with comments and questions. A video montage of kittens played before Gill himself finally appeared. The meme trader poured a beer during the stream and sported gaudy white sunglasses. For many traders who experienced the original meme stock craze, the phenomenon has prompted a wave of deja vu. Still, there are key differences between the reignited 2024 meme stock craze and the original in 2021. For one, trading volumes aren’t nearly as high as they were three years ago. Daily trading volumes of GameStop shares peaked at roughly 789 million on January 22, 2021, when the stock popped 51%, according to FactSet data. The highest trading volume for GameStop so far this year was on June 7, when roughly 279 million shares traded hands — and the stock tumbled 39%.
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