Memecoins
GameStop Meme Coin (GME) Rises 300% in One Day
An American video game meme coin GameStop (GME), which rose to fame during the Short Squeeze Mania of 2021, surged 300% in one day, rising from $0.004 to $0.016.
GameStop (GME) Price Chart | Source: CoinMarketCap
It is currently trading at $0.01326, and has a market capitalization that stands at approximately $91 million, coupled with daily trading volume increasing by 1,120% to over $223 million.
Keith Gill, or “Roaring Kitty,” returned to posting on social media for the first time since the previous month’s stock market chaos. Gills send on Reddit it emerged that they had a stake of $181. They also hold 4 million GME shares and call options.
Gill revealed a purchase of 5 million GME shares for $115.7 million and a $65.7 million investment in call options, anticipating that GME will hit $20 per share by June 21. Despite a loss on his call options, his GME holdings gained more than $9.3 million.
Following Gill’s post, GME rallied 19.19% in just 20 minutes on Robinhood’s overnight markets, reaching $27.58. This momentum added to GameStop’s 38.8% rise actions for the year, led by the return of Gill.
Amid broader market consolidation, the meme coin sector has shown strength, particularly in April and May. While major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have stabilized, others like Pepe Coin (PEPE) and Dogwifhat (WIF) have produced substantial returns.
GameStop (GME) and similar stocks continue to challenge traditional principles of wealth creation, attracting attention for their potential to turn ordinary investors into millionaires. The ongoing narrative around GME and meme coins presents significant potential for investors this quarter.
This news highlights the resurgence of interest in GameStop and the meme coin sector, led by notable figures like Keith Gill, and suggests a potential rally soon for meme coins.
Read also: Robinhood Closes to Settling GameStop Meme Stock Lawsuit