Memecoins
Roaring Kitty Reveals $180 Million GME Bet: Meme Coins Rise
GameStop (GME) shares rose 19% in after-hours trading on Robinhood following a revelation from Keith Gill, known as “The Roaring Kitty.”
On Reddit’s “DeepFuckingValue” account, Gill disclosed that he owns a notional value of more than $180 million in GME stock and call options. This marked his first post on Reddit since April 2021.
Cryptocurrency Traders Bet on GME Meme Coins
The post included a screenshot showing Gill’s investment of $115.7 million for 5 million GME shares and another $65.7 million in call options. This bold bet depends on GameStop’s stock price reaching at least $20 by June 21.
While his portfolio showed a gain of more than $9.3 million from the stock, his options currently reflect a loss close to $2.5 million.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Gill’s latest Reddit post revealing his GME positions. Source: Reddit
Gill’s strategic disclosure also triggered a significant rally in the meme coin industry. Specifically, it impacted the Solana-based GME meme coin. This digital asset saw a 220% increase in value, pushing its market capitalization above $85 million in 24 hours.
Market enthusiasts on platforms like X (formerly Twitter) speculate that GME will rise further.
“If the rumors I hear are true, this could be a unique event in the history of Solana. We can have a market cap of $2-3 billion,” G-Chairman, a crypto enthusiast She said.
Also, the feeling around investing in memes has visibly intensified. Community members remember the trading restrictions during the 2021 GME short squeeze. As a result, investors, wary of potential similar restrictions, are diversifying their bets to include meme coins like GME on the Solana blockchain.
To know more: How to Buy Solana Meme Coins: A Step by Step Guide
Furthermore, the hype has not been limited to GME-related assets. Other kitten-themed cryptocurrencies, included Kitten AIthey have also seen their values double in response to the current market enthusiasm.
This surge mirrors the broader impact of Gill’s influence, reminiscent of the rallies in meme stocks and meme coins spurred by Gill’s return to X in mid-May. Then, Shares of GameStop and AMC jumped over 70%.
Today, Gill published a green UN card reversed on X, which adds an element of mystery. This move is typical of his cryptic communication style, which often precedes significant market movements.
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