As a researcher with experience in the stock market and cryptocurrencies, I find the recent surge in GameStop’s ($GME) meme coin to be an intriguing development. The 300% increase in the last 24 hours, with its trading price reaching $0.01366 and a market cap of nearly $100 million, is a significant move that has caught the attention of many investors.
In the thrilling context of 2021’s short squeeze phenomenon, the meme coin associated with GameStop ($GME) has experienced an extraordinary jump of around 300% in just the previous 24 hours. At this moment, its value is quoted at $0.01366, and its market capitalization approaches the $100 million mark. Moreover, the astonishing daily trading volume has exploded by a remarkable 1,000%, exceeding an impressive $178 million.
The Return of the Roaring Kitty in GameStop
Keith Gill, also recognized as “Roaring Kitty” in the online world, emerged on social media for the first time since the recent market chaos around the end of last month.
As a researcher, I’ve observed an intriguing development regarding GameStop (NYSE: GME) stock prices. In late-night trading sessions, there was a substantial surge of over 19%. This upward trend can be attributed to a post made by an influential figure named Gill on Reddit. The content of the post revealed that he personally holds a significant investment worth approximately $181.4 million in GameStop stocks and call options.
Gill posted a snapshot, allegedly displaying his transaction records, with evidence of buying 5 million shares of GME for approximately $115.7 million and investing around $65.7 million in call options. This investment strategy was based on his belief that the share price of GME would surpass $20 by June 21. The snapshot further revealed that Gill had made a profit of roughly $9.3 million from his GME shares, but suffered a loss of nearly $2.5 million on his call options.
After a Reddit post from user Gill, GameStop’s price soared by nearly 20% or 19.19%, within a 20-minute span on Robinhood’s after-hours market, reaching $27.58. As of May 31, GameStop had closed at $23.14. According to Google Finance, the stock has experienced an impressive 38.8% growth in shares this year, potentially fueled by Gill’s recent activity.
Will This Trigger Meme Coin Rally Again?
In spite of border market consolidation, the meme coin sector exhibited robust growth during April and May. Although popular meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been stabilizing, lesser-known players like Pepe Coin (PEPE) and Dogwifhat (WIF) have brought impressive returns in recent weeks.
GameStop (GME) and meme coins have been stirring up an intriguing storyline that challenges conventional methods for amassing wealth. These assets, including GME, offer the allure of transforming common investors into instant millionaires. Notably, they’ve shown impressive growth potential during this quarter.
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2024-06-03 08:23