Meme stocks have once again captured the spotlight in the financial market following the return of Keith Gill — known widely as "Roaring Kitty"— to social media after a three-year hiatus.

For those unfamiliar, Gill is a pivotal figure in the meme stock phenomenon that took the financial world by storm in early 2021. As an individual investor and financial analyst, he became famous for his role in the explosive rise of GameStop Inc. (NASDAQ:GME)'s stock price.

The struggling video game retailer saw its shares soar from under $20 to nearly $500 at their peak in January 2021, largely driven by a...