GameStop (GME) stock is up100% in pre-market trading, reigniting the meme stock frenzy. This surge coincides with the return of Keith Gill, known as “Roaring Kitty,” who revealed a massive $181.4 million position in GME shares and call options.
With meme stock pumping, GameStop (GME) meme coin has also experienced a 232.10% price surge in the last 24 hours, reaching a high of $0.0158 from a low of $0.003734.
This sudden price action has sparked speculation about a potential meme coin rally, as other popular meme coins like Pepe, DogWifHat (WIF), Floki, and Popcat have also seen modest gains, with Pepe up 4%, DogWifHat up 5.6%, Floki up 12.2%, and Popcat up 17.6%.
What you'll learn 👉
The Return of Roaring Kitty
The GameStop meme coin’s price surge coincides with a development in the traditional stock market. On June 2, 2024, GameStop (GME) stock surged over 19% in overnight trading after Keith Gill, known as “Roaring Kitty,” posted on Reddit that he is holding, as mentioned in the intro, a $181.4 million position in GME stock and call options.
Gill, widely cited as a major influence on the 2021 GME short squeeze, posted on his “DeepFuckingValue” account for the first time since April 2021.
Gill’s Massive GME Position
According to the screenshot shared by Gill, he purchased 5 million GME shares for $115.7 million and invested an additional $65.7 million into call options, betting that GME would be trading at least $20 a share by June 21.
GameStop closed at $23.14 on Friday, May 31, with shares up 38.8% year-to-date, seemingly boosted by Gill’s return to the spotlight.
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Show more +The Meme Coin Connection
The sudden price surge in the GameStop meme coin, along with the gains seen in other popular meme coins, has led to speculation that Gill’s return and the subsequent GME stock price increase may have triggered a renewed interest in meme-based cryptocurrencies.
As the lines between traditional finance and the crypto world continue to blur, it is not surprising to see the hype surrounding a stock like GameStop spill over into the realm of meme coins.
With the GameStop meme coin leading the charge and other meme coins following suit, the question on many investors’ minds is whether this is the beginning of a broader meme coin rally. As seen in the past, meme coins can experience explosive growth in a short period, often fueled by social media hype and retail investor enthusiasm. However, it should be seen as to whether GME’s surge can also trigger a meme coin pump.
Read more: Massive 3 Billion Ripple Coins On the Move – XRP Price Rally or Crash?
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