Memecoins
Roaring Kitty’s $115M GME Reveal Sparks Memecoin Frenzy
After more than three years of silence Reddit, famous meme stock trader Keith Gill, known as Roaring Kitty, has made a striking comeback by sharing details about his portfolio. On Sunday, Gill revealed that he owned 5 million shares of GameStop (GME), which he purchased at $21.27 per share. Those shares are now worth more than $115 million.
In addition to his shares, Gill has 120,000 call options with a strike price of $20, which will expire on June 21, 2024. He purchased these options at $5.68 each, and they are now valued at more than $65 million.
Market impact assessment
Gill’s influence on the market is well known, especially during the 2021 altcoin bull market, despite investigations by the United States Securities and Exchange Commission (SEC). Currently, shares of GameStop Corp. Cl A (NYSE: GME) is trading around $22.91, up 22% over the past five days.
Renewed hopes for Altseason
Gill’s return after the 2022/2023 cryptocurrency bear market has raised new hopes for a new season. GameStop-inspired meme coins on various blockchains are up over 100% over the past week.
For example, GME (GME) on the Solana (SOL) The network surged over 232% in the last 24 hours, trading at around $0.0132. The trading volume of this coin was double its market capitalization, showing strong on-chain demand.
It’s Meme Coin Mania again!
Another GameStop-themed project, GME (Ethereum) (GME), is up 620% in the past 24 hours, trading at around $0.000034. Similarly, GME (BASE) (GME), a meme coin on Coinbase’s Base network, surged more than 175% during the same period, trading at around $0.037 on Monday at the start of the London session .
Also discover: This Altcoin is Highly Undervalued: Why Has It Not Gained Attention Despite a Major Upgrade?
Gill’s return and market enthusiasm highlight his lasting impact on the meme stock and cryptocurrency communities. Under the watchful eye of traders and investors, the potential for continued market activity remains high.