GameStop stock in focus as 'Roaring Kitty' returns, sparking meme stock frenzy deja vu

Hold onto your hats, Wall Street, because the meme stock mayhem of 2021 might be back for round two! GameStop, the OG meme stock champion, is once again in the spotlight thanks to the return of its most famous cheerleader, Keith "Roaring Kitty" Gill.

Gill, who shot to fame during the 2021 GameStop short squeeze, recently broke his three-year social media silence with a series of cryptic posts that have sent retail investors into a frenzy. One post featured a sketch of a man leaning forward in his chair, a popular meme among gamers signifying that things are about to get serious. Another showed a screenshot of Gill's portfolio revealing a whopping $116 million bet on GameStop shares.

And if that wasn't enough to get the hype train rolling, Gill announced an upcoming livestream, scheduled for today at 12 p.m. ET, where he's expected to share his thoughts on GameStop and the market.

The anticipation has already fueled a surge in GameStop's stock price, which has soared over 160% since the beginning of the year. Retail investors, eager to relive the glory days of 2021 and stick it to the hedge funds, are piling into the stock, accounting for a significant portion of its recent trading volume.

However, this time around, the meme stock landscape is a bit different. AMC Entertainment, another favourite of the Reddit crowd in 2021, hasn't experienced the same resurgence, with its stock price actually down year-to-date. Other popular meme stocks like SunPower and Tupperware have also struggled to maintain momentum.