After the massive frenzy of 2021, GameStop (NASDAQ: GME) is back in action after Keith Gill, the man behind the popular GME short squeeze, has once again started posting memes online. In the last two trading sessions, the GME stock has nearly tripled ending at 48.75 on Tuesday, posting an additional 60% gain. In the aftermarket hours, the GME stock has already rallied an additional 25% crossing $60 levels.

GameStop Price Rally Irks Jay Clayton

Short sellers have already lost more than $5 billion in the monster GameStop (GME) price rally over the last two days. This has drawn reactions from across Wall Street while also irking some of the top bosses of the regulatory space.

BREAKING: Short sellers of $GME and $AMC are down $3.5 billion today.

This puts 2-day short seller losses at $5 billion. pic.twitter.com/GCUxFtP8pp

— The Kobeissi Letter (@KobeissiLetter) May 14, 2024

Former SEC Chair Jay Clayton isn’t happy with Keith Gill – popular as The Roaring Kitty online – about him posting memes. Jay Clayton believes it should be illegal for @TheRoaringKitty to post memes online while $GME is experiencing a surge.

Clayton said that since Gill is trading on his own information, this certainly isn’t the act of insider trading. However, during his CNBC interview, he said “Is this something that we should be tolerating in our markets?”

When questioned by the CNBC host whether Clayton thinks that posting memes is market manipulation, the SEC chair said “generally not!” “If Roaring Kitty is so excited, why can’t he come on CNBC and talk about the stocks he likes? Why is he tweeting memes? We have to question if it’s legal or not,” added Clayton.

Former SEC Chair, Jay Clayton, thinks it should be illegal that @TheRoaringKitty is posting memes online and $GME is pumping.

They’re having a fucking meltdown.

Where was the concern when Jamie Dimon called #Bitcoin a scam but was scalping trading fees?pic.twitter.com/BilVqpPlxw

— The ₿itcoin Therapist (@TheBTCTherapist) May 15, 2024

Smart Trader Mints 0.5 Million in $GME, In Just Two Days

Along with the GameStop stock, the Solana-based meme coin GameStop ($GME) has witnessed an even greater mega-rally gaining over 4100% surge in just the past two days. As of press time, GameStop ($GME) is trading 82% higher at $0.0213 with a market cap of $146 million. Some smart market traders are making the most of the opportunity.

LookonChain data reveals that in just under 2 days, a savvy trader capitalized on $GME, netting a remarkable $576K profit. This trader, potentially a follower of @TheRoaringKitty, swiftly identified the trading opportunity merely 8 minutes after @TheRoaringKitty’s post. The trader invested 200 $SOL ($29K) to acquire 43.86M $GME.

Following a price surge, the trader sold 6.12 $GME for 400 $SOL ($58K), earning a realized profit of 200 $SOL on top of the initial investment. Adhering to a prudent strategy, they secured their principal. As $GME’s price declined, they reinvested the $200 realized profit in 4.14M $GME at the bottom. Five hours later, the trader offloaded 11.88M $GME for 1,358 $SOL ($198K), still retaining 30M $GME ($378K).

This smart trader made $576K on $GME in less than 2 days!

This trader, possibly a fan of @TheRoaringKitty, spotted the trading opportunity 8 minutes after @TheRoaringKitty posted and spent 200 $SOL($29K) to buy 43.86M $GME.

After the price increased, he sold 6.12 $GME for 400… pic.twitter.com/WyDSbErb41

— Lookonchain (@lookonchain) May 14, 2024

The post Former SEC Chair Irked By GameStop (GME) Price Rally, Smart Trader Mints 0.5 Million appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am