Solana-based memecoin $GME surges by 300% on Roaring Kitty's return
Keith Gill disclosed a $200 million GME position.
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Keith Gill, also known as “Roaring Kitty,” a famous trader linked to the 2021 GameStop short squeeze, reappeared on social media on Sunday. His return sparked a frenzy in the meme coin market, especially the Solana-based memecoin $GME. The memecoin saw its value more than triple, with its market cap surpassing $100 million—a 300% jump over the past hours, according to data from CoinMarketCap.
At the time of writing, $GME is trading at around $0.0147. Trading volumes surged over sixfold to over $150 million.
Meanwhile, Kitty-themed coins, such as Kitty AI, have also seen their values double amid the hype.
Gill’s reappearance on the social network X comes two weeks after he posted for the first time in three years. In his latest return, he posted the reverse card from the game Uno.
— Roaring Kitty (@TheRoaringKitty) June 3, 2024
The trader also reappeared on Reddit for the first time since last April, posting a screenshot indicating the purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options with the expectation that GME’s share price would reach at least $20 by June 21.
Following the Reddit post, GameStop’s shares reacted swiftly, with the price soaring 19.19% to $27.5 within 20 minutes. Prior to this event, GameStop’s shares had closed at $23.14, marking a 38.8% increase since the start of the year, according to data from Google Finance.
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