Roaring Kitty Reveals $180M GameStop Position, GME and Meme Coins Surge

Keith Gill, famously known as “Roaring Kitty,” a key figure in the GameStop trading frenzy of 2021, returned to Reddit on his “DeepFuckingValue” account, revealing a massive $180 million position in GME. This marked his first post since April 2021 and immediately caused a stir. Gill’s post included a screenshot detailing his investment: $115.7 million in 5 million GME shares and $65.7 million in call options, betting on GME reaching at least $20 per share by June 21. Despite a $9.3 million gain from his shares, his call options showed a near $2.5 million loss.

The impact was immediate. GameStop shares soared by 19% in overnight trading on Robinhood, highlighting Gill’s continued influence on the market. This surge follows GameStop’s closing price of $23.14 on May 31, with the stock already up 38.8% for the year.

In a move that reignited the excitement of the 2021 GameStop short squeeze, Gill, made headlines with his substantial investment in GameStop (GME) shares and call options. His disclosure has sent ripples through the market, influencing both traditional stocks and the cryptocurrency sector.

Roaring Kitty recent post (Source: Reddit)

The Ripple Effect on Meme Coins

Gill’s strategic move didn’t just shake the stock market; it also sparked a significant rally in the meme coin sector. The Solana-based GME meme coin experienced a 220% surge in value, pushing its market capitalization over $85 million within 24 hours. Market enthusiasts on social media platforms like X (formerly Twitter) speculated about the coin’s potential, with some predicting a market cap of $2-3 billion.

This phenomenon isn’t limited to GME-related digital assets. Kitty-themed cryptocurrencies, such as Kitty AI (KITTY), also saw their values double amid the market frenzy. The excitement mirrors the broader impact of Gill’s influence, reminiscent of the meme stock and meme coin rallies seen in mid-May, which propelled GameStop and AMC shares to leap over 70%.

The resurgence of interest in GameStop and meme coins signals a new era for meme investments. Community members recall the trading restrictions during the 2021 GME short squeeze and are diversifying their bets to include meme coins like GME on the Solana blockchain to mitigate potential risks.

Keith Gill’s enigmatic online persona continues to captivate and inspire traders. His recent post on X featuring a green UNO reverse card added an element of mystery, typical of his cryptic communication style that often precedes significant market movements.

Looking Forward

Keith Gill’s return to the spotlight and his bold investment strategies have once again stirred the market, blending traditional stock trading with the dynamic world of cryptocurrencies. As meme coins rise and fall with the tides of online sentiment and market speculation, the influence of key figures like Gill underscores the unpredictable yet thrilling nature of modern investing. Investors and market enthusiasts alike will be watching closely to see how these developments unfold, potentially setting the stage for the next big financial narrative.

Featured image courtesy of pixabay