Alongside the surge in GameStop’s stock price on Wall Street, the Solana-based meme token GME has seen its monthly gains extend to over 4,600%. As of aftermarket hours, GME stock is trading above $61.
GameStop (NYSE: GME), a popular meme stock, has been surging on Wall Street while Roaring Kitty, a prominent investor, has added $586 million worth of stock and options positions. This move propelled GME stock to a remarkable 47.45% gain in a single day on Thursday, closing the trading session at $46.55. In contrast, the Solana-based meme coin GME has surged by an impressive 118%.
GameStop Rally and Roaring Kitty’s Influence
The GameStop stock has experienced an unstoppable rally, boasting over 200% gains in the past month, spurred further by the involvement of Keith Gill, known as Roaring Kitty. Gill, famous for his online alias RoaringKitty, has announced a scheduled YouTube livestream for Friday, showcasing his substantial stock and options position valued at approximately $586 million, as revealed in a Reddit screenshot.
The stage seems set for a potential replay of the 2021 battle between retail investors and hedge funds. Citron Research co-founder Andrew Left recently announced his decision to short GameStop stock again, after closing out his position in May. Left commented on Roaring Kitty’s significant market positions, likening him to a hedge fund manager: “He might as well be a hedge fund manager.”
During after-market trading, GameStop’s stock price surged an additional 31%. Well-known investor Anthony Pompliano added to the excitement, suggesting that Roaring Kitty could potentially become a billionaire if GameStop reaches $69 per share. Pompliano noted the unprecedented journey from disrupting billionaire funds to potentially joining their ranks, emphasizing the extraordinary nature of Gill’s rise.
Digital Asset Market Sees Surge in Meme Tokens Amid GameStop Rally
Alongside the GameStop rally on Wall Street, the digital asset market has experienced significant activity. The Solana-based meme token GME, inspired by GameStop but not affiliated with the company, has surged over 118% in the past 24 hours, according to CoinGecko data. This spike occurred despite a broader pullback in the crypto market.
Similarly, the micro-cap AMC token, which shares its name with the struggling movie theater chain but is not affiliated, also saw a 118% jump. Remarkably, this meme coin has surged by an astonishing 4,600% over the past month, reaching a new all-time high. Some market analysts are now projecting a $1 price target for the $GME meme coin.
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