Memecoins
Roaring Kitty Reveals $180M GME Bet: Meme Coin Rise
GameStop (GME) stock soared 19% in overnight trading on Robinhood following a revelation from Keith Gill, known as “The Roaring Kitty.”
On Reddit’s “DeepFuckingValue” account, Gill revealed that he held a notional value of over $180 million in GME stock and call options. This was his first post on Reddit since April 2021.
Crypto Traders Bet on GME Coins Meme
The post included a screenshot showing Gill’s investment of $115.7 million for 5 million shares of GME stock and an additional $65.7 million in call options. This bold bet depends on GameStop’s stock price reaching at least $20 by June 21.
Although his portfolio generated a gain of more than $9.3 million on stocks, his options currently reflect a loss of nearly $2.5 million.
Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024
Gill’s latest Reddit post revealing his GME positions. Source: Reddit
Gill’s strategic disclosure also triggered a significant gathering in the coin sector. Specifically, it impacted the Solana-based GME coin. This digital asset saw a 220% increase in value, pushing its market capitalization beyond $85 million in 24 hours.
Market enthusiasts on platforms like X (formerly Twitter) believe GME will rise further.
“If the rumors I hear are true, this could be a unique event in the history of Solana. We can look at a market cap of $2-3 billion,” crypto enthusiast G-Chairman. said.
Moreover, the feeling around investments memes visibly intensified. Community members are recalling trading restrictions during the 2021 GME short squeeze. Therefore, investors, wary of possible similar restrictions, are to diversify their bets to include meme coins like GME on the Solana blockchain.
Learn more: How to Buy Solana Meme Coin: A Step-by-Step Guide
Additionally, the hype has not been limited to GME-related assets. Other kitten-themed cryptocurrencies including Kitty AIhave also seen their value double in response to the current market enthusiasm.
The surge reflects the broader impact of Gill’s influence, reminiscent of the stock and meme coin rallies spurred by Gill’s return to X in mid-May. SO, GameStop and AMC shares jumped more than 70%.
Today, Gill job a green UNO reverse card on X, adding an element of mystery. This approach is typical of his enigmatic communication style, which often precedes major market movements.
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