GameStop (GME) stock experienced a significant 19% surge in overnight trading on Robinhood after Keith Gill, also known as "The Roaring Kitty," made a revelation. Gill, posting under the Reddit account "DeepFuckingValue," disclosed his holdings of GME shares and call options, with a notional value exceeding $180 million. This post marked his first activity on Reddit since April 2021.
Trading Cryptocurrencies for GME Meme Coins
A screenshot of Gill's $115.7 million investment in 5 million GME shares and an additional $65.7 million in call options was included in the post. This audacious bet is contingent upon GameStop's stock price rising to at least $20 by June 21.
Despite the fact that his portfolio indicated a gain of over $9.3 million from the shares, his options currently show a loss of around $2.5 million.
Gill's calculated reveal also set off a notable upswing in the meme coin market. It specifically affected the GME meme coin, which is headquartered in Solana. In less than a day, the value of this digital asset increased by 220%, bringing its market capitalization above $85 million.
Market enthusiasts on platforms like X (formerly Twitter) are speculating that GME will see further surges.
G-Chairman, a crypto enthusiast, hinted at potential groundbreaking developments for Solana, suggesting that GME's market capitalization could reach $2-3 billion if rumors prove true.
The intensified sentiment around meme investments is evident, with community members recalling trading restrictions during the 2021 GME short squeeze. Investors, mindful of potential restrictions, are diversifying their investments to include meme coins like GME on the Solana blockchain.
The hype extends beyond GME-related assets, with other kitty-themed cryptocurrencies like Kitty AI witnessing their values double amidst the current market excitement.
This surge reflects the broader impact of Keith Gill's influence, reminiscent of the rallies seen in meme stocks and coins following Gill's return to X in mid-May, during which GameStop and AMC shares surged over 70%.
Today, Gill posted a green UNO reverse card on X, contributing to the intrigue. This cryptic communication style is characteristic of Gill and often precedes significant market movements.
June 2024, Cryptoniteuae