GameStop (GME), a memecoin based on Solana, has experienced a remarkable surge of over 300% following a social media post by the renowned trader “Roaring Kitty,” igniting excitement in the memecoin market once again.
As of the latest update, the GameStop-related memecoin, which is not officially associated with the company, was trading at $0.01309, showing a remarkable 220% increase in the past 24 hours, according to data from CoinMarketCap (CMC). The cryptocurrency also recorded a trading volume of $213 million, marking a more than tenfold increase within the same time frame.
On June 3, stock trader Keith Gill, also known as “Roaring Kitty,” who rose to fame for his involvement in the GameStop stock frenzy in late 2020, shared a mysterious image of a green UNO reverse card on X.
This recent post on X follows a series of cryptic messages and memes that Gill has been sharing since his return to the social media platform in May.
The renewed attention on “Roaring Kitty” has also led to significant gains in other memecoins. Kitty AI, another unrelated memecoin, has more than doubled in value and is currently trading at $0.007139, according to CMC.
In addition, on June 2, Gill made a rare appearance on Reddit, his first since April 2021, where he posted a screenshot showing his purchase of 5 million GME shares for $115.7 million. He also invested $65.7 million in call options, betting that the GME stock price would reach at least $20 per share by June 21.
Although the authenticity of this screenshot remains unconfirmed, its impact on market sentiment has been significant.
GameStop shares, which closed at $23.14 on May 31, have been on an upward trajectory over the past month, with some attributing this trend to Gill’s increased social media activity.
Keith Gill, known for his significant role in the GameStop saga during the COVID-19 pandemic, is considered a key player in the events that saw Reddit traders challenging hedge funds that were shorting the struggling brick-and-mortar game store. This ultimately led to a dramatic increase in the price of GameStop stock by over 1,000% in less than a month.
Some analysts believe that the GameStop short squeeze set the stage for the subsequent rise in meme coins like Dogecoin and Shiba Inu, as retail investors shifted their focus to other speculative assets.
For more insights into the altcoin market, check out our article on what lies ahead for Ethereum and other cryptocurrencies.