GameStop (GME) stock soared by 19% in overnight trading on Robinhood following a revelation by Keith Gill, famously known as “The Roaring Kitty.”
On Reddit’s “DeepFuckingValue” account, Gill disclosed that he holds a notional value of over $180 million in GME shares and call options. This marked his first Reddit post since April 2021.
Crypto Traders Bet on GME Meme Coins
The post included a screenshot showing Gill’s investment of $115.7 million for 5 million GME shares and an additional $65.7 million in call options. This bold wager hinges on GameStop’s share price reaching at least $20 by June 21.
Although his portfolio showed over $9.3 million gain from the shares, his options currently reflect a loss nearing $2.5 million.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Gill’s strategic disclosure also triggered a significant rally in the meme coin sector. Specifically, it impacted the Solana-based GME meme coin. This digital asset witnessed a 220% surge in value, pushing its market capitalization beyond $85 million within 24 hours.
Market enthusiasts on platforms like X (formerly Twitter) speculate that GME will surge further.
“If the rumors I’m hearing are true, this might be a one-off event in the history of Solana. We can be looking at a $2-3 billion market capitalization,” a crypto enthusiast, G-Chairman said.
Furthermore, the sentiment around meme investments has visibly intensified. Community members recall the trading restrictions during the 2021 GME short squeeze. Consequently, investors, wary of potential similar restrictions, are diversifying their bets to include meme coins like GME on the Solana blockchain.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
Moreover, the hype has not been limited to GME-related assets. Other kitty-themed cryptocurrencies, including Kitty AI, have also seen their values double in response to the current market excitement.
This surge mirrors the broader impact of Gill’s influence, reminiscent of the meme stock and meme coin rallies spurred by Gill’s return on X in mid-May. Then, GameStop and AMC shares leaped over 70%.
Today, Gill posted a green UNO reverse card on X, adding an element of mystery. This move is typical of his cryptic communication style, which often precedes significant market movements.
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