Solana
Solana GameStop soars 300% after Roaring Kitty’s message
After two silent weeks, Roaring Kitty’s latest roar has shaken the crypto market. The famous trader set the world on fire again after revealing his 5 million GameStop shares. Following his posts, shares of GameStop soared 90% premarket and Solana-based tribute token GME skyrocketed 300%.
Roaring Kitty’s return to Reddit sets the market on fire
On Sunday evening, Keith Gills, known as Roaring Kitty, income after a two-week hiatus. The trader, known for his role in the GameStop saga, wreaked havoc after posting to Reddit for the first time in three years.
Roaring Kitty’s “GME YOLO Update” post revealed that Gill owns 5 million shares of GameStop stock, worth about $115 million. Additionally, he has GME call options worth $65 million with a $21 strike price expiring on June 21.
The revelation apparently immediately clogged order flow as the volume of investors attempting to buy GME stock skyrocketed. As user informedorders were canceled, even “when you submitted a high-risk request.”
According to the investment research Quiver Quantitative platform, Roaring Kitty’s net worth could surpass that of former House Speaker Nancy Pelosi, depending on how GME moves this Monday.
Gill’s position at GME placed him at a net worth of $210 million at the time of publication. Meanwhile, Pelosi’s estimated net worth is nearing the $245 million mark, making her the second-richest American politician on Quiver’s list.
As of early Monday, GameStop’s GME price had risen 93% at the premarket open, hitting $45.73. As reported by user X, based on the pre-market price, his position increased by approximately $300 million. If GME hits the $70 range, Gill’s position would be worth more than $1 billion.
Solana-based GME jumps 300%
The ripple effect of Roaring Kitty has also brought attention to the Solana-based GME memecoin. Solana’s GME launched in February 2024 as a tribute to the GameStop meme stock market event of 2021.
During the trader’s first return to the crypto space on May 13, Solana’s GME saw a 3,921% surge. The token rose from $0.0004914 to $0.01976 before returning to the $0.0035 price range in the following days.
As Roaring Kitty grew silent, the Solana memecoin fluctuated between $0.0035 and $0.0040. However, Gill’s latest post fueled market interest in the token by 1,500%, with a daily trading volume of $237 million.
Additionally, the token has risen over 300% since the trader’s posts, rising from $0.003907 to $0.01594 early Monday.
Lookonchain reported that a GME whale’s smart trading move was paying off. According to the post, a whale showed a pattern of buying GME from Solana at low prices and selling it at high prices.
In February, a trader spent 1,409 Solana (SOL), worth approximately $165,000, to purchase 68 million GME after the token’s first price drop. After Gill’s first to come backthe trader sold $35 million worth of GME for 3,447 SOL, worth approximately $503,000.
This trader purchased an additional 78.57 million tokens worth 3,059 SOL when the price fell to $0.0067. At the time, the whale had approximately $593,000 in unrealized profits. After Roaring Kitty’s second comeback, the trader’s holdings stand at 108 million GME tokens.
His current holdings are worth around $1.5 million and represent an unrealized profit of $1.37 million on the Solana-based memecoin.
Featured image from Unsplash.com, chart from TradingView.com