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GameStop-inspired meme coin surges 300% as Roaring Kitty resurfaces on X

gamestop-inspired-meme-coin-surges-300-as-roaring-kitty-resurfaces-on-x
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GameStop-inspired meme coin surges 300% as Roaring Kitty resurfaces on X

GameStop (GME), a Solana-based memecoin, has surged over 300% within hours of a social post by the legendary trader “Roaring Kitty,” setting the memecoin market ablaze once again.

At the time of writing, the GameStop-related memecoin, which has no official affiliation with the company, was trading at $0.01309, still up 220% in the last 24 hours, as per data by CoinMarketCap (CMC). The crypto asset also had a trading volume of $213 million, up over tenfold within the same timeframe.

GameStop-inspired meme coin surges 300% as Roaring Kitty resurfaces on X - 1
GME 24-hour price chart | Source: CoinMarketCap

On June 3, stock trader Keith Gill, known online as “Roaring Kitty,” who gained fame for his role in the GameStop stock frenzy in late 2020, posted a cryptic image of a green UNO reverse card on X.

The latest X post follows a series of enigmatic messages and memes he has shared since his return to the social media platform in May.

Other memecoins have also seen significant gains due to the renewed buzz around “Roaring Kitty.” Kitty AI, another unrelated memecoin, more than doubled in value, currently trading at $0.007139, according to CMC.

On June 2, Gill also made a rare appearance on Reddit, his first since April 2021, sharing a screenshot that appeared to show his purchase of 5 million GME shares for $115.7 million. He also invested $65.7 million in call options, betting that the GME stock price would reach at least $20 per share by June 21.

The screenshot indicated that Gill had gained over $9.3 million on his GME holdings, though he was also holding a loss of nearly $2.5 million on his call options.

While the authenticity of this screenshot remains unverified, its impact on market sentiment has been significant.

GameStop shares, which closed at $23.14 on May 31, have seen an upward trend over the past month, partly attributed to Gill’s renewed social media activity.

Keith Gill, known for his pivotal role in the GameStop saga during the COVID-19 pandemic, is seen by many as a key figure in the events that led to Reddit traders challenging hedge funds that were shorting the struggling brick-and-mortar game store. 

Their actions ended up sending the price of GameStop stock soaring over 1,000% in under a month.

Some market observers believe that the GameStop short squeeze paved the way for the subsequent surge in meme coins, such as Dogecoin and Shiba Inu, as retail investors shifted their focus to other speculative assets.