Roaring Kitty’s Massive $586M GameStop Investment Boosts GME Memecoin by Over 100%
Keith “Roaring Kitty” Gill, the retail trader hero, caused GameStop’s stock and a meme coin to skyrocket on Friday. This surge followed his latest update on the value of his GameStop portfolio shared on the r/Superstonk subreddit. Gill now holds a staggering half a billion dollars in GameStop stock and call options.
GameStop’s shares saw a remarkable 47% increase during overnight trading, reaching $46.55 per share. At the same time, the meme token GME, based on Solana, surged over 103% by 1:20 a.m. ET.
The GME meme coin was launched in January 2024 on the Solana blockchain, commemorating the anniversary of the GameStop stock frenzy. Inspired by the epic rally of the Reddit community in 2021, the coin is a fan-made project paying tribute to the GameStop short squeeze saga, not officially affiliated with GameStop.
The spike in GameStop stock and the meme coin followed a Reddit screenshot revealing Gill’s stock and options position valued at $586.4m on Friday.
Earlier this week, another screenshot showed his acquisition of 5 million GME shares for $115.7m and an additional $65.7m allocated towards call options.
Keith Gill’s Online Influence Sparks GameStop Frenzy
Gill, a firm believer in GameStop’s potential, began purchasing shares in 2019. He used social media platforms like YouTube and Reddit to share his analysis on why the stock was undervalued and urged others to join him.
His online presence resonated with a growing community of investors, particularly during the pandemic, fueling a significant surge in GameStop’s stock price. Despite media outlets uncovering his real identity behind the online persona “Roaring Kitty” in February 2021, Gill continued to advocate for GameStop, even testifying before Congress to defend his investment belief.
GameStop Speculation Intensifies with Roaring Kitty’s Livestream Announcement
In May, Gill made his first meme post in three years on his X account, sparking a surge in meme stocks, notably GameStop.
Gill has scheduled a live YouTube broadcast for Friday at 12 p.m. ET, titled “Roaring Kitty Live Stream – June 7, 2024,” attracting over 10,000 eager viewers anticipating its start.