Keith Gill, also known as ‘Roaring Kitty,’ recently resurfaced on social media after the market frenzy he initiated in May. He shared a cleverly timed reverse uno card on X and his $181.4 million worth of GME stock and call options on Reddit.
Also Read: Roaring Kitty Goes MIA as GameStop Dumps on Retail Investors
Meme stock premarket trading on Monday saw GameStop surge once more on speculation that Keith Gill, the person responsible for the epic short squeeze in 2021, might hold a substantial stake in the video game retailer.
Roaring Kitty Posts Account Showing $116 Million Position
On June 2, 2024, Gill posted to Reddit using his ‘DeepFuckingValue’ account for the first time since April 2021. After the post, the stock has witnessed a significant increase of 300% in the last 24 hours.
The daily trading volume has surged 1000%, surpassing a remarkable $178 million. Meme coins had an impressive run in April and May, with GME and other similar stocks demonstrating considerable potential this quarter.
— Roaring Kitty (@TheRoaringKitty) June 3, 2024
Roaring Kitty shared a screenshot displaying a purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options. This indicated his optimistic speculation that GME would reach a minimum of $20 per share by June 21.
Gill has been less active on social media since he brought together day traders on Reddit in 2021 to purchase GME stocks and counter short sellers. At the time, he believed that the company had the potential to transform into a leading gaming destination.
In mid-May, he returned to X with a picture of a video gamer leaning in, building up excitement that he would actively rejoin the market. As an investor, Roaring Kitty previously worked as a Massachusetts Mutual Life Insurance marketer.
Will GME Price Surge Trigger a Meme Coin Rally?
Despite the border market consolidation, the meme coin sector had an impressive performance in April and May. While some popular meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have been experiencing a period of stability, other market participants, like Floki (FLOKI) and Dogwifhat (WIF), have seen significant returns in recent weeks.
GameStop (GME) and other stocks are demonstrating promising potential this quarter. GameStop shares have experienced a significant decline of over 50% following a two-day surge that was sparked by a post made in mid-May.
GameStop continues to face challenges as it navigates the shift from traditional in-store video game sales to the online gaming market. Investors have placed their hopes on CEO Ryan Cohen to lead the company’s transformation.
Additional stocks favored by private investors also experienced a surge. AMC Entertainment Holdings Inc. experienced a significant surge of up to 36% in premarket trading, along with other notable companies such as SunPower Corp., Beyond Meat Inc., BlackBerry Ltd., and Reddit Inc., which also showed market strength.
Cryptopolitan Reporting by Florence Muchai
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