GameStop Surges 199% After Roaring Kitty Reveals $180 Million GME Stake

Updated: 03 June 2024

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The GameStop price surged over 199% in the last 24 hours after Keith Gill, known as “Roaring Kitty” on X, revealed in a Reddit post that he is holding $181.4 million worth of GME stock and call options.

Known for his influential role in the 2021 GME short squeeze, the trader brought an end to his 3-year hiatus on Reddit after posting yesterday for the first time since April 2021.

Roaring Kitty Sitting On $6.8 Million Profit

Gill shared a screenshot that shows he bought 5 million GME shares worth $115.7 million and allocated $65.7 million towards call options. These positions seemed to have paid off for him so far.

The trader has gained more than $9.3 million through his GME holdings, according to the screenshot. However, he is sitting on an unrealized loss of almost $2.5 million on his call options.

BREAKING: Roaring Kitty has finally posted on Reddit after 3 years.

He has $65M worth of $GME Gamestop calls with a $21 strike expiring in 19 days…

He also has $115M of shares, making his total position close to $200M in Gamestop.

Oh. My. Goodness. pic.twitter.com/yV5AWBZMnX

— amit (@amitisinvesting) June 3, 2024

Following the post on Reddit, Robinhood’s overnight markets showed that GME on the traditional financial markets jumped over 19% in just 20 minutes. This spike saw the stock’s value soar to $27.58.

GameStop Leads The Pack As Meme Coin Market Lags

GameStop was the best-performing meme coin over the past 24 hours. In second place was Hoppy (HOPPY), after its price rose more than 29% throughout the past day of trading.

Top-performing meme coins (Source: CoinMarketCap)

With the recent surge, the GameStop price is up over 225% in the last 7 days. The rest of the meme coin market did not follow GME’s trend, however, with the sector’s collective valuation registering a slight drop during the same period.

Nevertheless, the upbeat market sentiment following meteoric gains from GME could spillover to also have a positive impact on meme coin ICOs. PlayDoge, which has managed to raise more than $1.4 million through its presale in less than six days, could be one of the main beneficiaries of any reallocation of capital.

Another red hot presale is Sealana (SEAL) on Solana, a project that has rocketed past $3 million in funds raised.