Memecoins
Roaring Kitty’s $115M GME Reveal Sparks Memecoin Frenzy
After more than three years of silence Reddit, famed stock trader Keith Gill, known as Roaring Kitty, has made a surprising comeback by sharing details of his portfolio. On Sunday, Gill revealed that he owned 5 million shares of GameStop (GME), which he purchased at $21.27 per share. These shares are now worth over $115 million.
In addition to his shares, Gill has 120,000 call options with a strike price of $20, expiring on June 21, 2024. He purchased these options at $5.68 each and they are now valued at more than $65 million.
Market impact assessment
Gill’s influence on the market is well known, especially during the 2021 altcoin bull market, despite investigations by the US Securities and Exchange Commission (SEC). Currently, GameStop Corp. Cl A (NYSE:GME) shares are trading at around $22.91, up 22% over the last five days.
Renewed hopes for Altseason
Gill’s return after the 2022/2023 cryptocurrency bear market has sparked new hopes for an altseason. GameStop-inspired meme coins on various blockchains have surged more than 100% in the past week.
For example, GME (GME) on Solana (SOL) the network is up more than 232% in the past 24 hours, trading at around $0.0132. The trading volume of this coin was double its market capitalization, showing strong on-chain demand.
It’s Meme Coin Mania again!
Another GameStop-themed project, GME (Ethereum) (GME), is up 620% in the past 24 hours, trading at around $0.000034. Likewise, GME (BASE) (GME), a meme coin on Coinbase’s Base network, surged more than 175% over the same period, trading at around $0.037 on Monday during the early London session.
Also check: This Altcoin Is Severely Undervalued – Why Has It Failed to Attract Attention Despite a Major Update?
Gill’s return and market enthusiasm highlight his lasting impact on the meme and cryptocurrency communities. As traders and investors watch closely, the potential for continued market activity remains high.