The GameStop ($GME) meme currency, developed during the 2021 short squeeze craze, has increased 300% in the past day. The GME cryptocurrency is now trading at $0.01366. As of publication, it has a market capitalization of about $100 million. Additionally, the daily trade volume has increased by an incredible 1,000%, surpassing $178 million.
GameStop’s Return of the Furious Kitty
On Sunday night, Keith Gill—also known online as “Roaring Kitty”—made his first social media appearance since last month’s market craze.
The price of GameStop (NYSE: GME) shares increased significantly by more than 19% overnight following Gill’s Reddit post disclosing that he owns $181.4 million in GME stock and call options.
Gill posted a screenshot allegedly demonstrating his acquisition of $5 million worth of GME shares for $115.7 million, along with a $65.7 million investment in call options, in anticipation that GME will hit at least $20 per share by June 21. Additionally, the screenshot showed that Gill lost almost $2.5 million on his call options but made nearly $9.3 million on his GME holdings.
In the 20 minutes following Gill’s Reddit post, GME jumped 19.19% on Robinhood’s nighttime markets to $27.58. Google Finance indicates that GameStop saw 38.8% share growth this year, presumably helped by Gill’s return, and ended at $23.14 on Friday, May 31.
Will There Be Another Meme Coin Rally After This?
The meme coin industry performed quite well in April and May despite the border market consolidation. Other market participants, including Pepe Coin (PEPE) and Dogwifhat (WIF), have produced multi-fold returns in recent weeks while leading meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have been consolidating.
The story of GameStop (GME) and meme coins, which present the alluring possibility of making regular investors into overnight billionaires, persists in subverting conventional wealth creation concepts. This quarter, GME and comparable stocks are demonstrating great promise.
