GameStop Price Surges 266%: $2 Billion Market Cap in Sight As Roaring Kitty Ignites Rally

Highlights:

“Roaring Kitty” returned to social media and disclosed he holds $181.4M worth of GameStop stock and call options.
Shares surged 90% on Monday, with daily trading volume up 1,100%.
GEM price soared 266% in the last 24 hours.

GameStop (GME) meme coin stock price rallied premarket trading on Monday after Keith Gill, known online as “Roaring Kitty,” posted on Reddit that he’s holding $181.4 million worth of GME stock and call options. Shares in premarket trading were 75% higher at 5:04 a.m. ET, after soaring 90% earlier in the morning. Gill, the trader widely referenced as a key figure in the 2021 GME short squeeze, posted to Reddit on his “DeepFuckingValue” account, marking his first appearance since April 2021.

He shared a screenshot purportedly showing his purchase of 5 million GME shares for $115.7 million. Additionally, he disclosed an investment of $65.7 million in call options, betting that GME would reach at least $20 a share by June 21. In Gill’s screenshot, it’s evident he has gained over $9.3 million on his GME holdings while holding a loss of nearly $2.5 million on his call options.

GameStop — Gill’s June 2 Reddit post. Source: Reddit

After Gill’s Reddit post, GME surged by 19.19% in just 20 minutes on Robinhood’s overnight markets, reaching $27.58. Meanwhile, Kitty-themed coins like Kitty AI have also witnessed their values doubling amidst the excitement. GameStop concluded at $23.14 on Friday, May 31, experiencing a 38.8% share surge this year, as reported by Google Finance. This surge seems to have been spurred by Gill’s return.

BREAKING: Roaring Kitty has finally posted on Reddit after 3 years.

He has $65M worth of $GME Gamestop calls with a $21 strike expiring in 19 days…

He also has $115M of shares, making his total position close to $200M in Gamestop.

Oh. My. Goodness. pic.twitter.com/yV5AWBZMnX

— amit (@amitisinvesting) June 3, 2024

GameStop Shares Rallied 38% Immediately On The News

Gill’s announcement had an immediate and profound impact on the market. Within just 20 minutes of his post, GME experienced a 19.19% surge in Robinhood’s overnight markets, reaching $27.58. This momentum added to GameStop’s 38.8% share increase for the year, mainly due to Gill’s influential return.

GME Token Follows With 266% Rally Overnight

GME_1D_graph_coinmarketcap — Source: CoinMarketCap

GME has skyrocketed by 266% in the past 24 hours. As of writing, the GME is trading at $0.0131, with its market cap approaching $100 million. Additionally, the daily trading volume has soared by an astonishing 1,156%, surpassing $217.05 million.

Gill’s Mysterious Posts Spark Speculation

Gill also mysteriously shared a green UNO reverse card to X, further contributing to a string of puzzling posts and memes he’s been sharing since his unexpected comeback in May. As of early Monday, the most recent post garnered almost 50,000 likes.

pic.twitter.com/zUuccrKWZr

— Roaring Kitty (@TheRoaringKitty) June 3, 2024

In his previous post to r/wallstreetbets on April 16, Gill disclosed owning 20,000 GME shares purchased at $55.17 per share. At that moment, he was holding a profit of $19.9 million.

Robert Lea, a Bloomberg Intelligence analyst, said:

“Recent renewed interest in meme stocks, coming as the main US indices struggle to make new highs, is a sign of excessive over exuberance and is more likely a negative portent given the rising headwinds in the markets.”

Renewed Interest in GME and Meme Coins

Despite the broader market consolidation, the meme coin sector showed robust performance in April and May. Top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) experienced consolidation, but other players such as Pepe Coin (PEPE) and Dogwifhat (WIF) delivered significant returns in recent weeks.

GME and meme coins defy traditional wealth creation, offering the allure of turning ordinary investors into millionaires. This quarter, GME and similar stocks exhibit significant potential. This news shows renewed interest in GameStop and meme coins, hinting at a possible rally for meme coins in the near future.

Robinhood Restricts GameStop Overnight Trading

Following Gill’s announcement, demand for GameStop stock surged so dramatically that Robinhood imposed restrictions on its trading. The brokerage announced that Blue Ocean ATS, the platform facilitating overnight trades for certain stocks, would only accept orders within 20% above or below a reference price of $22.99.

Any buy orders above $27.59 or sell orders below $18.39 during night trading would likely be rejected. This measure was intended to slow down GME stock trading during extended hours.

GME Points to The Impact Of Influential Investors

The dramatic rise in GameStop’s stock and its associated token points to the continuing influence of key market players like Keith Gill. Gill’s history with GameStop dates back to early 2021, when he played a pivotal role in the infamous short squeeze that captured global attention. His return and renewed investment have reignited enthusiasm among retail investors and meme stock enthusiasts, driving unprecedented market activity.

Analysts Project $2 – $3 Billion GME Token Value

Despite these restrictions, the trading of GME meme stock remained robust. Analysts suggest that Gill’s strategic disclosure of his substantial investment could propel the GME token to achieve a market capitalization of $2 to $3 billion. The GME token has a market cap of $101 million, indicating that such a rally could be one of the most significant in this crypto cycle.

Related: GameStop Price Prediction

June 21 Now a Key Date to Watch

As the market continues to react to Gill’s latest move, the future of GameStop’s stock and its digital counterpart remains a topic of intense interest. Investors and analysts alike will closely monitor the developments leading up to the expiration of Gill’s call options on June 21, 2024. With the potential for significant market shifts, GameStop and its token are expected to remain at the forefront of financial news and investor speculation.

Overall, the recent 266% rally of the GameStop token, driven by Keith Gill’s substantial investment and the subsequent market reaction, marks a pivotal moment in the intersection of traditional and digital finance. As the news of his position spread into the market, the GameStop token could easily double in value within the day, adding to its impressive performance in the last few hours.

Road to $2 Billion Market Cap

GME has recorded a 200% rally in less than 24 hours, and momentum is still building. With the revelation of Gills holding in GME stock, the odds of a parabolic price move for GME Token that could push it to a $2 to $3 billion market cap are high.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.