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.
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.
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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