GameStop Jumps 300% As Roaring Kitty Takes Huge GME Call Options
The GameStop ($GME) meme coin created amid the popular short squeeze frenzy of 2021, is witnessing a massive 300% surge in the last 24 hours. As of press time, the GME cryptocurrency is trading at $0.01366 with its market cap reaching closer to $100 million. Also, the daily trading volume has skyrocketed by a staggering 1,000% shooting all the way past $178 million.
The Return of the Roaring Kitty in GameStop
Keith Gill, known online as “Roaring Kitty,” made his first social media appearance on Sunday evening since the market frenzy last month.
GameStop (NYSE: GME) stock price saw a significant rise of over 19% in overnight trading after Gill posted on Reddit, revealing he is holding $181.4 million worth of GME stock and call options.
Gill shared a screenshot purportedly showing his purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options, betting that GME would reach at least $20 a share by June 21. The screenshot also indicated that Gill has gained over $9.3 million on his GME holdings while sustaining a nearly $2.5 million loss on his call options.
Following Gill’s Reddit post, GME surged by 19.19% in 20 minutes on Robinhood’s overnight markets, reaching $27.58. GameStop closed at $23.14 on Friday, May 31, and has seen a 38.8% increase in shares this year, seemingly buoyed by Gill’s return, according to Google Finance.
Will This Trigger Meme Coin Rally Again?
Despite the border market consolidation, the meme coin sector delivered a strong performance during the months of April and May. While top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have been consolidating, other market players like Pepe Coin (PEPE) and Dogwifhat (WIF) have delivered multi-fold returns in the past few weeks.
GameStop (GME) and meme coins continue to fuel a narrative of defying traditional wealth creation principles, offering the tantalizing prospect of turning ordinary investors into instant millionaires. GME and similar stocks are showing significant potential this quarter.
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