Meme coins have seen a major spike following news from Keith Gill, also known as Roaring Kitty or DeepF**kingValue. Gill's announcement of an upcoming YouTube livestream on June 7 at 16:00 UTC triggered a swift and powerful response in both the crypto and stock markets.
Roaring Kitty on Her Path to Billionaire Success
To be more precise, the value of Solana blockchain-based currencies like GME, AMC, and KITTY has significantly surged. Unrelated to the GameStop (GME) firm, GME meme currency has had the most impressive surge, rising 110% in a single day and amassing an astounding 560% increase in the last week.
Thus, out of all the Solana-based meme currencies, GME has emerged as one of the best performers. In the event that trading restrictions apply to the GME shares, traders are thinking about using the GME meme coin as a substitute.
Moreover, GameStop's stock increased 47.5% in a single day, to $46.55 a share. Gill posted a photo showing that the notional value of his GME shares holdings is now more than $586 million.
Following Keith Gill's disclosure of his holdings, which include 5 million shares valued at over $232.75 million and call options worth more than $324.30 million, it's estimated that he has unrealized gains totaling around $382.51 million.
The momentum began building on June 2 when Gill, in his first Reddit post since April 2021, revealed that his holdings in GameStop (GME) shares and call options had surpassed $180 million in notional value.
The low market cap meme coin Roaring Kitty (KITTY) mirrored GME's surge, experiencing a 199% increase in a single day. Similarly, AMC tokens almost doubled in value, indicating a broader market trend.
Encouraged by Gill's announcement, crypto traders are aggressively acquiring positions in these high-risk assets. Notable activity from major traders, like coux7 who owns a Solana wallet, has been observed. coux7 invested significant amounts in GME and KITTY coins, allocating 5,000 Solana tokens (SOL)—worth approximately $850,000—to purchase 35.99 million GME coins and an additional 1,460 SOL—valued around $248,000—to acquire 8.6 million KITTY coins, according to Lookonchain, an on-chain analysis platform.
June 2024, Cryptoniteuae