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GameStop Soars 300% After Roaring Kitty Secures Major GME Call Options

"Roaring Kitty" returned to social media, revealing that he is holding $181.4 million in GameStop stock and call options, causing the GME stock price to surge 19% overnight.
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GameStop Soars 300% After Roaring Kitty Secures Major GME Call Options

Highlights

  • The Daily trading volume for GameStop skyrocketed by 1,000%, surpassing $178 million.
  • "Roaring Kitty," returned to social media and revealed he is holding $181.4 million worth of GME stock and call options.
  • GameStop and meme coins continue to offer the prospect of substantial gains for investors.

The GameStop ($GME) meme coin, born during the 2021 short squeeze frenzy, has experienced a remarkable 300% surge in the past 24 hours. Currently, the GME cryptocurrency is trading at $0.01366, with its market cap nearing $100 million. Additionally, daily trading volume has soared by an astounding 1,000%, surpassing $178 million.

The Return of the Roaring Kitty in GameStop

Keith Gill, known online as “Roaring Kitty,” made his first social media appearance on Sunday evening since the market frenzy last month.

GameStop (NYSE: GME) stock price saw a significant rise of over 19% in overnight trading after Gill posted on Reddit, revealing he is holding $181.4 million worth of GME stock and call options.

Gill shared a screenshot purportedly showing his purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options, betting that GME would reach at least $20 a share by June 21. The screenshot also indicated that Gill has gained over $9.3 million on his GME holdings while sustaining a nearly $2.5 million loss on his call options.

Following Gill’s Reddit post, GME surged by 19.19% in 20 minutes on Robinhood’s overnight markets, reaching $27.58. GameStop closed at $23.14 on Friday, May 31, and has seen a 38.8% increase in shares this year, seemingly buoyed by Gill’s return, according to Google Finance.

Will This Trigger Meme Coin Rally Again?

Despite the border market consolidation, the meme coin sector delivered a strong performance during the months of April and May. While top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have been consolidating, other market players like Pepe Coin (PEPE) and Dogwifhat (WIF) have delivered multi-fold returns in the past few weeks.

GameStop (GME) and meme coins continue to fuel a narrative of defying traditional wealth creation principles, offering the tantalizing prospect of turning ordinary investors into instant millionaires. GME and similar stocks are showing significant potential this quarter.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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