Roaring Kitty makes a comeback! Meme Stock King unveils staggering $115 GME holdings
Key Takeaways
– Roaring Kitty, a well-known trader in the meme stock market, has revealed his holdings, which include 5 million GameStop (GME) stocks and call options.
– The value of his holdings is over $180 million, and this news has caused a boost in the GameStop stock price.
– Roaring Kitty’s return has also sparked renewed interest in altcoins, with GameStop-inspired meme coins experiencing significant rallies.
– These developments have led to hopes for an altseason, as meme coins on various blockchains have surged in value.
– Roaring Kitty’s comeback and the resulting market excitement demonstrate his enduring influence on the meme stock and cryptocurrency communities.
Story Highlights
After more than three years of silence on Reddit, the infamous meme stock trader Keith Gill, also known as Roaring Kitty, has made a dramatic comeback by divulging details about his investment portfolio. On Sunday, Gill revealed that he currently holds 5 million shares of GameStop (GME), which he purchased at a price of $21.27 per share. These shares are currently valued at over $115 million.
In addition to his GameStop shares, Gill also holds 120,000 call options with a strike price of $20, set to expire on June 21, 2024. He acquired these options for $5.68 each, and their current value exceeds $65 million.
Assessing the Market Impact
Gill’s significant influence in the market is well-known, particularly during the altcoin bull market of 2021, despite facing investigations by the United States Securities and Exchange Commission (SEC). Currently, shares of GameStop Corp. Cl A (NYSE: GME) are trading at approximately $22.91, reflecting a 22 percent increase over the past five days.
Revitalized Hopes for Altseason
Gill’s return following the crypto bear market of 2022/2023 has reignited hopes for an altseason. GameStop-inspired meme coins on various blockchains have experienced remarkable surges of over 100 percent in the past week.
For instance, the GME (GME) coin on the Solana (SOL) network has surged by more than 232 percent in the last 24 hours, currently trading at around $0.0132. The trading volume of this coin has surpassed its market cap, indicating strong demand on-chain.
The Meme Coin Mania Continues!
Another GameStop-themed project, GME (Ethereum) (GME), has surged by 620 percent in the last 24 hours, currently trading at approximately $0.000034. Similarly, GME (BASE) (GME), a meme coin on Coinbase’s Base network, has experienced a surge of over 175 percent in the same period, trading at around $0.037 during the early London session on Monday.
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Gill’s resurgence and the resulting market excitement underscore his enduring impact on the meme stock and cryptocurrency communities. As traders and investors closely monitor these developments, the potential for continued market activity remains high.
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