Meme stock Gamestop (NYSE: GME) has been roaring on Wall Street as Roaring Kitty builds an additional $586 million worth of stock and options positions. As a result, the GME stock price gained a staggering 47.45% in a single day on Thursday, with its price ending the trading session at $46.55. On the contrary, the Solama-based meme coin GME has surged by 118%.

The GameStop Price Rally

The GameStop price rally has been unstoppable with more than 200% gains over the last month with the entry of Roaring Kitty making things much more interesting. Keith Gill, widely known by his online alias RoaringKitty, has announced a YouTube livestream scheduled for Friday. A screenshot shared on Reddit reveals that Gill’s combined stock and options position is now valued at approximately $586 million.

Roaring Kitty, DeepFuckingValue has updated his GameStop, $GME position.

He is worth now over $586 MILLION, with a 219% gain so far. pic.twitter.com/OM7nMayCvZ

— unusual_whales (@unusual_whales) June 6, 2024

Well, it seems that we might yet again see a repeat of the 2021 classic battle between retail investors and hedge funds. Earlier this week, Citron Research co-founder Andrew Left announced that he would be shorting the GameStop stock again, after closing the May position. Commenting on Roaring Kitty building massive positions in the market, Left said:  “He might as well be a hedge fund manager”.

In the after-market hours, the GameStop stock price has surged by an additional 31%. Popular investor Anthony Pompliano stated: “Roaring Kitty potentially becomes a billionaire tomorrow if GameStop hits $69 a share. If that wasn’t crazy enough, he’ll be live-streaming it. From blowing up billionaire’s funds to becoming one himself. Insane”.

Solana-based GME Meme Coin Rallies

Along with the GameStop rally on Wall street, the digital asset market has seen significant activity, with Solana-based meme token GME, inspired by GameStop but not affiliated with the company, surging over 118% in the past 24 hours, according to CoinGecko data.

This spike occurred despite a broader crypto market pullback. Similarly, the micro-cap AMC token, which shares its name with the troubled movie theater chain but has no affiliation, also saw a jump of 118%. In fact this meme coin has surged by a staggering 4,600% over the past month, thereby hitting a new all-time high.

Some market analysts are also giving a $1 price target for the $GME meme coin.

The post Meme Coin GameStop ($GME) Jumps 118%, Roaring Kitty Eyes Billionaire Status appeared first on CoinGape.

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Filed under: News - @ June 7, 2024 4:07 am