GameStop Jumps 300% as Roaring Kitty Takes Huge GME Call Options

GameStop jumps 300% as Roaring Kitty, also known as Keith Gill, discloses his massive $181.4 million investment in GME call options and stock, leading to a notable surge in GME shares overnight.

GameStop Meme Coin Surges 300% as Roaring Kitty Reveals Massive GME Investments, Fuels Market Excitement

In a recent report by CoinGape, The GameStop ($GME) meme coin, a product of the short squeeze craze in 2021, has witnessed a remarkable 300% surge in the past twenty-four hours. As of now, the GME cryptocurrency is valued at $0.01366, with a market capitalization nearing $100 million. The daily trading volume has also skyrocketed by an astounding 1,000%, surpassing $178 million, indicating the current market trend.

On June 2, Keith Gill, known online as "Roaring Kitty," made his first social media appearance following his absence during last month's market pandemonium.

Overnight trading saw the price of GameStop (NYSE: GME) stock increase more than 19% after Gill disclosed on Reddit that he holds $181.4 million worth of GME stock and call options.

Keith Gill's investment strategy came to light when he shared a screenshot of his investments. He had put $65.7 million in call options and purchased 5 million GME shares for $115.7 million, betting on the stock price to reach $20 per share by June 21. The screenshot also revealed that Gill had made a profit of over $9.3 million from his call options, but had incurred a loss of around $2.5 million, giving a comprehensive view of his financial performance.

Twenty minutes after Gill's Reddit post, GME surged by 19.19% to $27.58 on the overnight markets of Robinhood. According to Google Finance, GameStop closed on Friday, May 31, at $23.14 and has seen a 38.8% increase in shares this year, presumably bolstered by Gill's return.

Meme Coins and GameStop Show Strong Performance, Challenging Traditional Wealth Creation Norms

Despite the consolidation of the border market, the meme coin sector exhibited robust performance throughout April and May. In recent weeks, while leading meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been consolidating, Pepe Coin (PEPE) and Dogwifhat (WIF) have generated returns in multiples of several.

GameStop (GME) and meme currencies persistently contribute to a discourse that challenges conventional wealth creation tenets by promising to transform average investors into millionaires overnight. Similar to GME, comparable equities have demonstrated considerable promise this quarter.

Photo: Microsoft Bing

TokenPost | [email protected]