Memecoins
GameStop-Inspired Solana Meme Coin Skyrockets Over 80% as Roaring Kitty Posts GME Position Worth $586 Million
It’s 2021 again as shares of video retailer GameStop (GME) soared Thursday after influential retail trader Keith Gill, better known by his aliases Roaring Kitty or DeepF–kingValue, provided a update on its massive bet on struggling stocks.
According to a screenshot posted on Reddit, Gill’s stock and options position is now worth some $586 million combined. He announced a Live streaming on YouTube for Friday. GameStop shares closed Thursday’s session up 47%.
The action also reverberated through the digital asset market. The Solana-based GME meme token, which was inspired by GameStop but has no affiliation with the company, has surged more than 80% in the past 24 hours, according to CoinGecko data, despite the broader crypto market declines. Micro-cap token AMC, which shares the name of the struggling movie theater chain but also has no affiliation, also surged 83%.
Gill, who rose to fame during GameStop’s brief squeeze during the pandemic years, sparked a frenzy for meme coins last month when he returned to social media after three years of silence. Since then, the GME token has risen over 3,000% since mid-May and surpassed the market cap of $120 million.
Learn more: GameStop Stock, Meme Tokens Rise as User ‘DeepFu*kingValue’ Returns to Reddit
UPDATE: (June 7, 01:16 UTC): Fixes a typo in the subtitle.