Memecoins
GameStop-inspired meme coin surges 300% as Roaring Kitty resurfaces on X
GameStop (GME), a Solana-based memecoin, surged more than 300% just hours after a social media post by legendary trader “Roaring Kitty,” setting the memecoin market on fire once again.
As of this writing, the GameStop-related memecoin, which has no official affiliation with the company, was trading at $0.01309, still up 220% over the past 24 hours, according to data from CoinMarketCap (CMC ). The crypto asset also recorded trading volume of $213 million, more than ten times higher over the same time frame.
24 Hour GME Price Chart | Source: CoinMarketCap
On June 3, stock trader Keith Gill, known online as “Roaring Kitty,” who became famous for his role in the GameStop stock frenzy in late 2020, posted a cryptic image of a reverse U.N. green card on X.
X’s latest post follows a series of cryptic messages and memes he has shared since his return to the social media platform in May.
Other memecoins also saw significant gains thanks to the renewed buzz around “Roaring Kitty.” Kitty AI, another unrelated memecoin, has more than doubled in value, currently trading at $0.007139, according to CMC.
On June 2, Gill also made a rare appearance on Reddit, his first since April 2021, sharing a screenshot that appeared to show his purchase of 5 million shares of GME for $115.7 million. He also invested $65.7 million in call options, betting that GME’s stock price would reach at least $20 per share by June 21.
The screenshot indicated that Gill had made more than $9.3 million on his GME holdings, although he also had a loss of nearly $2.5 million on his call options.
While the authenticity of this screenshot remains unverified, its impact on market sentiment has been significant.
GameStop shares, which closed at $23.14 on May 31, have been on an upward trend over the past month, partly attributed to Gill’s renewed activity on social media.
Keith Gill, known for his key role in the GameStop saga during the COVID-19 pandemic, is seen by many as a key figure in the events that led Reddit traders to challenge hedge funds that were shorting the store of physical games in difficulty. .
Their actions ended up driving the GameStop stock price up more than 1,000% in less than a month.
Some market observers believe the GameStop short squeeze paved the way for the subsequent rise in meme coins, such as Dogecoin and Shiba Inu, as retail investors shifted their attention to other speculative assets.