Solana-based GME memecoin, which is not affiliated with the American video game company, rose more than 70% to $0.7672. This surge led to a 203% increase in daily trading volume to $51.23 million.

GME (Ethereum), a similar memecoin on the Ethereum network, also benefited from Gill’s comeback, rising more than 51% to hit an all-time high of $0.0002487 on December 6. However, it subsequently fell 21%, according to CoinGecko data.

Meanwhile, AMC, the memecoin created to mimic the movie theater chain AMC Entertainment, surged more than 50%, while memecoins KITTY and ROAR, inspired by Gill’s online persona, also rose more than 45%, respectively.

All the memecoins mentioned above rose after Gill’s X post on December 6. This post is Gill’s first post on the platform after three months. The post featured a modified version of a 2006 Time magazine photo illustration with a nod to YouTube.

Although there was no mention of tokens in the post, the crypto industry has a history of responding to Gill’s posts with similar rallies, and this time was no exception.

Gill’s influence on these memecoins stems from the fact that in the meme stock craze of 2021, it has become the symbol of retail investors revolting against Wall Street’s shorts.

Known for his detailed analyzes and viral posts about GameStop’s potential, Gill played a key role in driving shares above $81 during GameStop’s short squeeze.

These gains are seen as a sign that the cryptocurrency industry is shifting towards altcoin season; The Altcoin Season Index recently hit an all-time high of 87. An index score above 80 usually signals the start of altcoin season.

However, investors should be careful because such gains are often short-lived. In May, after the return of Roaring Kitty, the GME token rose from $0.0035 to $0.029, but within a few days, all of these gains were erased. In August, it dropped to $0.0017.

Similarly, in September, these tokens soared after Gill’s X post, but lost almost all of their gains within a week as the excitement faded.

Beyond the crypto space, Gill’s return sent GameStop (GME) shares up over 16% to $30.87 before stabilizing at $28.60. AMC Entertainment (AMC) rose 12% to $5.55. This data is from Google Finance.