A SINGLE tweet sent shares of 'meme stock' favourites Gamestop and AMC soaring on Wall Street yesterday - suggesting Reddit-fuelled day traders could be on their way to causing market chaos yet again.

Gamestop shares shot up as high as 110 per cent on Monday after "Roaring Kitty," the account credited with starting the meme stock rally in 2021, posted online for the first time in around three years.

The post (pictured) appeared to show a video gamer leaning forward on their chair, a meme indicating things are getting more serious. Roaring Kitty had been absent from all social media platforms since mid-2021.

Trading in the struggling company was suspended multiple times over the morning as the online world went into a frenzy and shares shot into the stratosphere. AMC, a separate meme stock, rose over 90 per cent by the afternoon.

Roaring Kitty, whose real name is Keith Gill, was a marketer at Massachusets Mutual Life Insurance. His other alius is DeepF——Value, on Reddit.

The meme stock rally began three years ago after Gill posted on Reddit's

Wallstreetbets discussion group. It involved individual investors taking aim at short sellers and hedge funds who were downbeat on Gamestop, forcing them to cover their short positions and drive up prices. Many were badly burnt.

The meme stock trading ultimately resulted in trading platform Robinhood shutting down trading in Gamestop, AMC and a few other stocks as shares went haywire.

Wall Street's Melvin Capital lost billions as a result of its heavy short position in Gamestop, and collapsed in 2022.

(c) 2024 City A.M., source Newspaper