GameStop Stock Rallies 85% Premarket, Roaring Kitty Comeback To Push GME Price Higher?

After a period of relative silence, Keith Gill, famously known as “Roaring Kitty,” has re-emerged onto the social media scene. Moreover, the meme stock pioneer sent shockwaves through the financial markets once again. Gill, a key figure in the GameStop (NYSE: GME) saga of 2020 and 2021, has sparked a significant surge in GME stock price following his latest revelations on Reddit.

GameStop Stock Rallies Unprecedentedly

In a post that quickly went viral, Gill disclosed his substantial holdings in GME, revealing a staggering $181.4 million investment in the embattled retailer. The post included a screenshot purportedly showcasing Gill’s purchase of 5 million GameStop shares for $115.7 million.

Moreover, the investor placed a $65.7 million bet on call options, anticipating GameStop stock to reach $20 a share by June 21, 2024. Despite revealing gains of over $9.3 million on his GME holdings, Gill also admitted to sustaining a $2.46 million loss on his call options. However, the loss was offset by the exorbitant profits from the GME stock investment.

The investor has made a $9.32 million gain from his GameStop stock investment. Following the revelation, the GME stock soared over 85% in the pre-market trading session today. At the time of writing, GameStop stock rallied 85.20 to $48.80 on Monday, June 3. Earlier, the GME stock closed at $23.14 on Friday last week with 2.34% gains.

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

GME Crypto Skyrockets 300%

The repercussions of Gill’s disclosure were felt beyond traditional stock markets, as the price of GameStop (GME) crypto on Solana experienced a meteoric rise of more than 300% in response. A smart trader capitalized on this surge by executing a limit order, selling 3.5 million GME tokens for 260 SOL ($43K) at $0.01226.

Despite offloading a portion of his GME holdings, the trader maintains a substantial stake, currently holding 108 million GME tokens valued at $1.5 million. Moreover, with a total profit of approximately $1.37 million, the trader could brace for further profits. In addition, Gill’s continued involvement in GameStop has once again captivated the attention of both investors and spectators alike.

Observers note that Gill’s resurgence serves as a potent reminder of the enduring impact of retail traders in shaping market dynamics. His ability to mobilize online communities and drive substantial movements in meme stock prices have been eyed by others. Additionally, netizens expect a continued rally in GameStop stock price if Roaring Kitty enhances his social media presence.

Also Read: GameStop Price Prediction: Is the Bearish Trend a Signal to Buy the Dip?