The GME crypto token experienced significant growth on Sep. 6 following Roaring Kitty’s unexpected return to social media ahead of GameStop’s earnings announcement.

GME surged to $0.0052, marking its highest point since June 24, and saw a 93% increase from its intraday low. Since its lowest level in August, the token has risen by 168%, positioning it as one of the top-performing cryptocurrencies in the market. Its market cap increased to over $32 million.

GameStop’s stock also saw a rise of over 3.7%, despite a broader market decline. The Dow Jones and Nasdaq 100 indices fell by 0.90% and 2.43%, respectively. Meanwhile, Bitcoin dropped to $53,000, and the total market cap of all cryptocurrencies fell below $2 trillion.

This surge occurred after Keith Gill, known as Roaring Kitty, made a return to social media, posting a message that revitalized interest in the market. The Roaring Kitty (KITTY) token, which is thinly traded, also saw a significant rise of over 65%. A God candle, a sudden bullish candlestick, formed, catching many traders off guard.

Gill is a well-known trader, especially from the meme stock frenzy in 2021. He returned to the market in May, influencing stocks like GameStop, AMC, and Faraday Future.

Gill’s return is especially notable as GameStop is set to release its financial results on Sept. 10. Analysts have low expectations, predicting a drop in revenue from over $1.1 billion in Q2’23 to $895 million this year.

The company is currently facing challenges as more gamers prefer purchasing games and consoles online, coupled with rising operational costs.

It remains uncertain whether the GME and KITTY tokens will maintain their current upward trend. Historically, such gains have been short-lived. For instance, in May, the GME token rose from $0.0035 to $0.029 following Roaring Kitty’s return, only to lose all those gains within a few days, eventually dropping to a record low of $0.0017 in August.

Similarly, KITTY surged to $0.093 amid the hype but then fell by almost 100% to a low of $0.0013 in August.

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