GameStop (GME) Coin Surges 315% After Roaring Kitty’s $181M YOLO Update

  • Keith Gill, widely recognized online as “Roaring Kitty,” recently disclosed that he holds $181.4 million worth of GameStop (GME) stock and call options on Reddit.
  • Following his announcement, meme coins associated with GameStop and Gill saw substantial gains.
  • Noteworthy gains were experienced by GME, ROAR, and KITTY coins, which surged 315%, 660%, and 477%, respectively.

Discover how Keith Gill’s remarkable GameStop holdings have led to a significant meme coin rally, echoing the frenzied trading of 2021.

GameStop Meme Coin Rally

Gill’s post, titled “GME YOLO update – June 2, 2024,” was his first on Reddit in three years under “u/DeepFuckingValue.” He disclosed he holds $65.7 million in GameStop call options and $115.7 million in shares.

Jason Hitchcock, Head of Ecosystem at thirdweb, noted that Gill’s positions amount to approximately 17 million GameStop shares. With a recent trading price of $23 per share, this equates to a position value near $391 million, or about 5.6% of GameStop’s market cap.

For those needing clarification:
– Call options enable the buyer to purchase shares at a predetermined price, providing leverage since small stock price changes can significantly affect the option’s value.
– Delta measures the expected change in an option’s price relative to changes in the underlying stock price. pic.twitter.com/Wd1rUKrJ3n

— Jason Hitchcock (@JasonHitchcock) June 3, 2024

Subsequent to Gill’s post, meme coins linked to GameStop and Roaring Kitty experienced significant increases. Data from CoinGecko indicated that GME, ROAR, and KITTY appreciated by 315%, 660%, and 477%, respectively. However, they have since adjusted, currently trading at $0.01005, $0.00959, and $0.00181, respectively. GameStop stock itself has seen a pre-market surge exceeding 300%.

GME is a token based on Solana using the same ticker as GameStop but is not officially linked to the company. Similarly, ROAR and KITTY coins are centered around Gill’s online persona but remain unofficial.

Roaring Kitty Teases GameStop Frenzy Return

The Roaring Kitty X account became active again last month, and a Sunday post featuring an Uno reverse card suggested a return of the 2021 GameStop craze. Gill, alongside the /WallStreetBets subreddit, was a key figure in the meme stock tsunami that drove GameStop and AMC Entertainment shares up by over 1,000%.

.@TheRoaringKitty is back with another #GameStop pump.

Is it really him?

He simultaneously posted on Reddit under the username “/u/DeepFuckingValue,” increasing the chances that it’s truly him.

He shared a screenshot showcasing $115,000,000 in $GME shares and… pic.twitter.com/fK1hZmSAVF

— Colin Talks Crypto 🪙 (@ColinTCrypto) June 3, 2024

Nevertheless, reactions varied, with some criticism emerging from the r/WallStreetBets community. A post noted the frustration over Gill’s long absence, which left retail investors in uncertainty. “DFV posted on r/Superstonk. If you’re into that, head over there,” wrote contributor u/zjz.

“Good luck RK, your massive position is intriguing, but your long silence has left retail investors high and dry. It would be helpful if you provided more regular updates.”

Trader Keyboard Monkey on X also warned that Gill’s revival may be a ploy to profit from renewed hype.

Conclusion

The revival of Keith Gill’s digital presence and his substantial GameStop holdings have reignited the meme coin and stock enthusiasm. While his actions have led to notable market movements, mixed reactions from the community underline the need for consistent communication. Investors should remain cautious, considering both the hype and the history of market volatility linked to meme coins.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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