Memecoins
GameStop Meme Coin ($GME) Jumps 118%, Roaring Kitty Eyes Billionaire Status
Meme Gamestop (NYSE: GME ) stock took a hit on Wall Street as Roaring Kitty built an additional $586 million in stock and options positions. As a result, the GME stock price gained a staggering 47.45% in a single day on Thursday, with the price closing the trading session at $46.55. In contrast, the Solama-based meme coin GME is up 118%.
The GameStop price rally
GameStop’s price rally has been unstoppable with gains of over 200% in the last month as the entry of Roaring kitten
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 updated its GameStop, $GME position.
It is now worth over $586 MILLION, with a gain of 219% so far. pic.twitter.com/OM7nMayCvZ
— unusual_whales (@unusual_whales) June 6, 2024
Well, it looks like we may once again see a repeat of the classic 2021 battle between retail investors and hedge funds. Earlier this week, Citron Research co-founder Andrew Left announced that it would once again short GameStop shares, after closing its position in May. Commenting on Roaring Kitty building massive positions in the market, Left said: “He might as well be a hedge fund manager.”
In after-market hours, GameStop’s share price rose an additional 31%. Popular investor Anthony Pompliano said: “Roaring Kitty will potentially become a billionaire tomorrow if GameStop reaches $69 per share. If that wasn’t crazy enough, he’ll be live streaming it. From blowing up a billionaire’s funds to becoming one himself. Crazy”.
GME Meme Coin rallies based in Solana
Along with GameStop’s rally on Wall Street, the digital asset market has seen significant activity, with GME meme token based on Solanainspired by GameStop but not affiliated with the company, up more than 118% in the past 24 hours, according to data from CoinGecko.
This spike occurred despite a broader cryptocurrency market pullback. Likewise, the micro-cap token AMC, which shares its name with the troubled theater chain but has no affiliation, also saw a 118% jump. In fact, this meme coin is up a staggering 4,600% over the past month, thus reaching a new all-time high.
Some market analysts are also setting a $1 price target for the meme coin $GME.