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GameStop ($GME) Meme Coin Jumps 118%, Roaring Kitty Eyes Billionaire Status
Meme stock Gamestop (NYSE: GME) has been roaring on Wall Street as Roaring Kitty builds an additional $586 million worth of stock and options positions. As a result, the GME stock price gained a staggering 47.45% in a single day on Thursday, with its price ending the trading session at $46.55. On the contrary, the Solama-based meme coin GME has surged by 118%.
The GameStop Price Rally
The GameStop price rally has been unstoppable with more than 200% gains over the last month with the entry of Roaring Kitty making things much more interesting. Keith Gill, widely known by his online alias RoaringKitty, has announced a YouTube livestream scheduled for Friday. A screenshot shared on Reddit reveals that Gill’s combined stock and options position is now valued at approximately $586 million.
Roaring Kitty, DeepFuckingValue has updated his GameStop, $GME position.
He is worth now over $586 MILLION, with a 219% gain so far. pic.twitter.com/OM7nMayCvZ
— unusual_whales (@unusual_whales) June 6, 2024
Well, it seems that we might yet again see a repeat of the 2021 classic battle between retail investors and hedge funds. Earlier this week, Citron Research co-founder Andrew Left announced that he would be shorting the GameStop stock again, after closing the May position. Commenting on Roaring Kitty building massive positions in the market, Left said: “He might as well be a hedge fund manager”.
In the after-market hours, the GameStop stock price has surged by an additional 31%. Popular investor Anthony Pompliano stated: “Roaring Kitty potentially becomes a billionaire tomorrow if GameStop hits $69 a share. If that wasn’t crazy enough, he’ll be live-streaming it. From blowing up billionaire’s funds to becoming one himself. Insane”.
Solana-based GME Meme Coin Rallies
Along with the GameStop rally on Wall street, the digital asset market has seen significant activity, with Solana-based meme token GME, inspired by GameStop but not affiliated with the company, surging over 118% in the past 24 hours, according to CoinGecko data.
This spike occurred despite a broader crypto market pullback. Similarly, the micro-cap AMC token, which shares its name with the troubled movie theater chain but has no affiliation, also saw a jump of 118%. In fact this meme coin has surged by a staggering 4,600% over the past month, thereby hitting a new all-time high.
Some market analysts are also giving a $1 price target for the $GME meme coin.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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