“Roaring Kitty,” returned to social media and revealed that he has $181.4 million worth of GameStop stock and call options. GME stock price rose 19 percent overnight.
The GameStop ($GME) meme coin created amid the popular short squeeze craze of 2021 is seeing a whopping 300% rise in the past 24 hours.
As of press time, the GME cryptocurrency is trading at $0.01366 and its market cap has approached $100 million. In addition, the daily trading volume has skyrocketed by an astonishing 1,000% shooting to exceed $178 million.
Roaring Kitty returns to GameStop.
Keith Gill, known online as “Roaring Kitty,” took to social media for the first time on Sunday evening after the market frenzy last month.
GameStop (NYSE: GME ) stock price surged more than 19% in overnight trading after Gill posted on Reddit, revealing that he owns $181.4 million worth of GME stock and There are call options.
Gill shared a screenshot purportedly showing the purchase of 5 million shares of GME for $115.7 million and an investment of $65.7 million in call options, betting that GME would go lower by June 21. will reach at least $20 per share. The screenshot also indicated that Gill had leveraged more than $9.3. million on his GME holdings, while his call options lost about $2.5 million.
After Gill’s Reddit post, GME rose 19.19 percent to $27.58 in 20 minutes of Robinhood night markets. GameStop closed at $23.14 on Friday, May 31, and shares are up 38.8 percent this year, apparently pleased with Gill’s return, according to Google Finance.
Will this meme reignite the coin rally?
Despite the stability of the frontier market, the MemCoin sector delivered a strong performance in the months of April and May. While top meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) are strengthening, other market players such as Pepe Coin (PEPE) and Dogwifhat (WIF) have delivered multiple gains over the past few weeks.
GameStop (GME) and meme coins fuel the narrative of defying traditional wealth creation principles, offering the terrifying prospect of turning ordinary investors into instant millionaires. GME and similar stocks are showing significant potential this quarter.
