Memecoins Return? GameStop (GME) Surges 220%+ After Roaring Kitty Post

Legendary trader Keith Gill, aka Roaring Kitty, has sent the memecoin market into a frenzy after a cryptic social media post triggered a

Written by: Arslan Butt • Monday, June 3, 2024 • 1 min read

• Last updated: Monday, June 3, 2024

Memecoins Return? GameStop (GME) Surges 220%+ After Roaring Kitty Post

Legendary trader Keith Gill, aka Roaring Kitty, has sent the memecoin market into a frenzy after a cryptic social media post triggered a surge of over 220% in the price of a Solana-based memecoin called GME.

GameStop (GME) Memecoin Rallies

While not officially affiliated with the video game retailer, the GME token skyrocketed to $0.01309, according to CoinMarketCap (CMC), with a trading volume exceeding $213 million within hours. This follows a series of enigmatic messages shared by Roaring Kitty since his return to social media in May.

GME’s surge wasn’t an isolated event. Other memecoins, like Kitty AI, also saw significant gains, doubling in value. This renewed interest in memecoins coincides with Gill’s reappearance on Reddit, where he posted a screenshot suggesting a $115.7 million investment in GME shares, alongside $65.7 million in call options.

GameStop Stocks Rallies in Pre-market Trading

The unverified screenshot has significantly impacted the market. GameStop stock itself has been on an upward trend for the past month, partly attributed to Gill’s online activity. He’s a prominent figure who played a key role in the original GameStop short squeeze in 2020, where retail investors challenged hedge funds and sent the stock price soaring.

Meanwhile, the traditional financial markets are also reacting. Robinhood’s pre-market trading data showed GME stock jump over 199% in the last 24 hours, reaching $27.58. This surge coincides with Gill’s Reddit post and suggests a potential repeat of the 2020 frenzy.

Memecoins Are Back in the Limelight?

Market observers believe this event paved the way for the memecoin boom. With GME leading the charge, the broader memecoin market seems poised for a potential revival, although it hasn’t followed GME’s meteoric rise just yet.