These Meme Coins Skyrocket Triple Digit as ‘Roaring Kitty’ Returned to Reddit
Keith Gill, known online as “Roaring Kitty,” posted on Reddit that he is holding $181.4 million worth of GameStop (GME) stock and call options.
Following his Reddit post, GME, ROAR, and KITTY meme coins gained 315%, 660%, and 477%, respectively.
GameStop Meme Coin Rally
Gill’s post, titled “GME YOLO update – June 2, 2024,” marks his first Reddit activity in three years. Under his account “u/DeepFuckingValue,” Gill disclosed $65.7 million in GameStop call options and $115.7 million in shares.
According to Jason Hitchcock, Head of Ecosystem at web3 development platform thirdweb, Gill’s combined holdings effectively equate to owning 17 million GameStop shares. At the last trading price of $23 per share, this puts the value of his position at approximately $391 million, representing 5.6% of GameStop’s market cap.
For those who need this translated:
– Call options give the buyer the right to purchase shares at a set price. They provide leverage because a small change in stock price can lead to a large change in the option’s value
– Delta measures how much an option’s price is expected to… pic.twitter.com/Wd1rUKrJ3n— Jason Hitchcock (@JasonHitchcock) June 3, 2024
Following Gill’s post, meme coins inspired by GameStop and Roaring Kitty saw significant growth. GME, ROAR, and KITTY surged by 315%, 660%, and 477%, respectively, according to CoinGecko data. However, they have retraced, trading at $0.01005, $0.00959, and $0.00181, respectively, at the time of writing. GameStop’s stock itself has had a pre-market increase of over 300%.
GME is a Solana-based token that uses the same ticker as GameStop but has no official affiliation with the company. Similarly, ROAR and KITTY are themed around Gill’s online persona but are not officially connected to him.
Roaring Kitty Teases GameStop Frenzy Return
The Roaring Kitty X account was also reactivated last month, with a Sunday post featuring an Uno reverse card hinting at a repeat of the 2021 GameStop frenzy, where Gill and the subreddit /WallStreetBets were central figures in the meme stock frenzy that saw shares of GameStop and AMC Entertainment soar over 1,000%.
.@TheRoaringKitty is back with another #GameStop pump.
Is it really him?
This time he simultaneously made a post on reddit under his username “/u/DeepFuckingValue”. So the odds are pretty high it’s him.
He shared a screenshot of $115,000,000 worth of $GME shares and… https://t.co/Dou55Shihh pic.twitter.com/fK1hZmSAVF
— Colin Talks Crypto
(@ColinTCrypto) June 3, 2024
However, not all reactions were positive. A post on r/WallStreetBets expressed frustration at Gill’s long absence and the resulting uncertainty for retail investors. “DFV posted in r/Superstonk, and you should go over there and do ape stuff if you’re into that,” wrote contributor u/zjz.
“Good luck RK, crazy f—ing position, but your whole schtick and disappearance really f—ed retail up and it’d be nice if you didn’t leave them on a cliffhanger for the rest of the world to deprogram this time.”
Trader Keyboard Monkey on X cautioned that Gill’s recent actions might be a setup to capitalize on the renewed hype.
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