Roaring Kitty's $586M GameStop Stake Sends GME Memecoin Soaring Over 100%

CryptoNews.com · 2024-06-06T22:02:51+00:00

GameStop shares rose by 47% and GME meme coins jumped up by 103% after retail trader Keith Gill, also known as Roaring Kitty, shared the latest value of his GME portfolio on Reddit. Gill began buying GameStop shares in 2019 and became an online advocate for the stock. The surge follows news that he now holds over half a billion dollars in GameStop stock and call options and comes ahead of his scheduled livestream on YouTube titled “Roaring Kitty Live Stream – June 7, 2024.”

CryptoNews.com

2024-06-06 22:02:51

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Shalini Nagarajan

Last updated:

June 7, 2024 02:02 EDT | 1 min read

GameStop’s stock and an inspired meme coin surged Friday. It comes after retail trader hero Keith “Roaring Kitty” Gill shared the latest value of his GME portfolio on the r/Superstonk subreddit. He now holds over half a billion dollars in GameStop stock and call options.

During overnight trading, GameStop’s shares saw a 47% increase, reaching $46.55 per share. Meanwhile, the Solana-based meme token GME jumped over 103% as of 1:20 a.m. ET.

The GME meme coin launched in Jan. 2024 on the Solana blockchain to celebrate the GameStop stock frenzy’s anniversary. Inspired by the Reddit community’s epic rally in 2021, the coin isn’t officially connected to GameStop itself. It’s more like a fan-made project that honors the GameStop short squeeze saga.

The surge in GME stock and the meme coin came after a Reddit screenshot showed Gill’s stock and options position reached a value of $586.4m as of Friday.

Earlier this week, another screenshot revealed that he acquired 5m GME shares for $115.7m and allocated an additional $65.7m towards call options.

How Keith Gill’s Online Advocacy Ignited the GameStop Frenzy

Gill, a believer in GameStop’s potential, began buying shares in 2019. He took to social media platforms like YouTube and Reddit, sharing his analysis of why the stock was underpriced and encouraging others to join him.

His online presence resonated with a growing community of investors, especially during the pandemic. This online buzz ultimately fueled a dramatic increase in GameStop’s stock price. However, Gill’s real identity, previously hidden behind the online persona “Roaring Kitty,” was uncovered by media outlets in Feb. 2021.

Despite the reveal, he continued to advocate for GameStop, even testifying before Congress to defend his belief that the company was a valuable investment.

GameStop Speculation Heats Up as Roaring Kitty Announces Livestream

In May, Gill used his X account to post memes for the first time in three years. This triggered a surge in meme stocks, especially GameStop.

Gill has arranged a live YouTube broadcast for Friday at 12 p.m. ET. The scheduled livestream, titled “Roaring Kitty Live Stream – June 7, 2024,” has already garnered over 10,000 viewers eagerly anticipating its commencement.

GME2,23%

MEME2,19%

HERO1,73%

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