The firebrand investor Keith Gill, better known online as “Roaring Kitty,” has re-entered the chat, and the cryptocurrency world is feeling the heat. Following Gill’s first social media post in over a year, a GameStop meme coin (GME) has witnessed a staggering 300% surge in the past 24 hours.
As of now, the GME cryptocurrency is trading at $0.01366, boasting a market capitalization nearing $100 million. This price increase is accompanied by a mind-blowing 1,000% jump in daily trading volume, surpassing a whopping $178 million.
Roaring Kitty Roars Back
Gill’s reappearance on Reddit sent shockwaves through the market. He revealed a hefty investment in GameStop (NYSE: GME), holding $181.4 million worth of stock and call options. A purported screenshot showcased a 5 million share purchase for $115.7 million and a $65.7 million bet on call options expiring by June 21st, with a strike price of at least $20 per share. The screenshot also indicated Gill’s current gains exceeding $9.3 million on his shares, offset by a $2.5 million loss on call options.
This news sparked a frenzy. Within 20 minutes of Gill’s post, GME surged by nearly 19.2% on Robinhood’s overnight markets, reaching $27.58. The stock closed Friday at $23.14, reflecting a 38.8% year-to-date increase, seemingly fueled by Gill’s return.
Also Read: Will Keith Gill’s Return Ignite a New Meme Stock Frenzy? A Look at the GameStop 2.0 Speculation
Meme Coins Making a Comeback?
While the broader market experiences consolidation, the meme coin sector has shown surprising resilience in recent months. Dogecoin (DOGE) and Shiba Inu (SHIB), the meme coin giants, are consolidating, but lesser-known players like Pepe Coin (PEPE) and Dogwifhat (WIF) have delivered impressive returns recently.
The GameStop saga, with both the traditional stock and its associated meme coin experiencing significant growth, continues to challenge traditional investment strategies. For many, GME and similar meme stocks represent a chance to defy the odds and become an instant millionaire. With Gill back in the game, the next quarter for GME and meme coins looks particularly interesting.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. chainAffairs.com is not responsible for any financial losses.
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