GameStop

Roaring Kitty

After two silent weeks, Roaring Kitty’s latest roar has shaken the crypto market. The renowned trader has again set the world ablaze after revealing his substantial 5 million GameStop shares holdings. Following his posts, GameStop’s shares soared in the premarket by 90%, and the Solana-based tribute token, GME, skyrocketed by 300%. 
<h2 style="font-weight: 400" id="roaring-kitty-s-return-to-reddit-sets-market-on-fire">Roaring Kitty’s Return To Reddit Sets Market On Fire</h2> 
On Sunday night, Keith Gills, known as Roaring Kitty, <a href="https://www.newsbtc.com/meme-coins/the-dog-days-are-over-cat-memecoins-soar-16-1-after-roaring-kittys-return/" target="_blank" rel="noopener ">returned</a> from a two-week hiatus. The trader, known for his role in the GameStop saga, wreaked havoc after posting on Reddit for the first time in three years. 
Roaring Kitty’s “GME YOLO Update” post unveiled that Gill owns 5 million GameStop shares, worth around $115 million. Additionally, he has $65 million worth of GME option calls with a $21 strike expiring on June 21. 
<img loading="lazy" decoding="async" class="wp-image-611278 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Captura-de-Pantalla-2024-06-03-a-las-10.40.05-a.-m.png?w=809&amp;resize=809%2C352" alt="Gamestop, solana" width="809" height="352" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Captura-de-Pantalla-2024-06-03-a-las-10.40.05-a.-m.png?w=809&amp;resize=809%2C352 809w, https://www.newsbtc.com/wp-content/uploads/2024/06/Captura-de-Pantalla-2024-06-03-a-las-10.40.05-a.-m.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Captura-de-Pantalla-2024-06-03-a-las-10.40.05-a.-m.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Captura-de-Pantalla-2024-06-03-a-las-10.40.05-a.-m.png?w=750 750w" sizes="(max-width: 809px) 100vw, 809px" data-recalc-dims="1"> 
The revelation seemingly congested the order flow immediately as the volume of investors trying to buy GME Shares skyrocketed. As one X user <a href="https://x.com/DJFLO/status/1797432742348775459" target="_blank" rel="noopener nofollow">informed</a>, orders were being canceled, even “when you put in a high-risk ask.” 
According to the investment <a href="https://x.com/QuiverQuant/status/1797434710983164012" target="_blank" rel="noopener nofollow">research</a> platform Quiver Quantitative, Roaring Kitty’s net worth could surpass former House Speaker Nancy Pelosi’s, depending on how GME moves this Monday. 
Gill’s GME position sat him at a $210 million net worth at the time of the post. Meanwhile, Pelosi’s estimated net worth rounds the $245 million mark, making her the second-richest US politician on Quiver’s list. 
At the start of Monday, GameStop’s GME price had risen 93% at the premarket open, reaching $45.73. As <a href="https://x.com/amitisinvesting/status/1797586800866984373" target="_blank" rel="noopener nofollow">reported</a> by an X user, based on the premarket price, his position increased by around $300 million. If GME reaches the $70 range, Gill’s position would be worth over $1 billion. 
<h2 style="font-weight: 400" id="solana-based-gme-jumps-300">Solana-Based GME Jumps 300%</h2> 
Roaring Kitty’s ripple effect also drove attention to the Solana-based memecoin GME. Solana’s GME was launched in February 2024 as a tribute to GameStop’s meme stock event from 2021. 
During the trader’s first return to the crypto space on May 13, Solana’s GME saw a surge of 3,921%. The token went from trading for $0.0004914 to $0.01976 before retracing to the $0.0035 price range in the following days. 
As Roaring Kitty went silent, the Solana <a href="https://www.newsbtc.com/news/solana-is-for-baddies-rapper-iggy-azalea-joins-the-controversial-celebrity-token-frenzy/" target="_blank" rel="noopener ">memecoin</a> hovered between $0.0035-$0.0040. However, Gill’s latest post has fueled market interest in the token by 1,500%, with a daily trading volume of $237 million. 
Moreover, the token has increased by over 300% since the trader’s posts, going from $0.003907 to $0.01594 as Monday started. 
Lookonchain <a href="https://x.com/lookonchain/status/1797556658358648875" target="_blank" rel="noopener nofollow">reported</a> that a GME whale’s smart trading move was paying off. According to the post, a whale has shown a track record of buying Solana’s GME at low prices and selling it at highs. 
In February, a trader spent 1,409 Solana (SOL), worth around $165,000, to buy 68 million GME following the token’s first price drop. After Gill’s first <a href="https://www.newsbtc.com/news/gamestop-stock-and-wolverine-memecoins-explode-as-roaring-kitty-returns-to-the-spotlight/" target="_blank" rel="noopener ">comeback</a>, the trader sold $35 million GME for 3,447 SOL, worth around $503,000. 
This trader bought another 78.57 million tokens worth 3,059 SOL when the price fell to $0.0067. At the time, the whale had around $593,000 in unrealized profits. Following Roaring Kitty’s second return, the trader’s holdings of 108 million GME tokens. 
His current holdings are worth around $1.5 million and represent an unrealized profit of $1.37 million on the Solana-based memecoin. 
<img loading="lazy" decoding="async" class="size-large wp-image-611275" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GMEUSDT_2024-06-03_08-14-27.png?w=860&amp;resize=860%2C484" alt="Solana, GME, GMEUSDT, GameStop memecoin" width="860" height="484" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GMEUSDT_2024-06-03_08-14-27.png?w=1008 1008w, https://www.newsbtc.com/wp-content/uploads/2024/06/GMEUSDT_2024-06-03_08-14-27.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GMEUSDT_2024-06-03_08-14-27.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GMEUSDT_2024-06-03_08-14-27.png?w=860&amp;resize=860%2C484 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GMEUSDT_2024-06-03_08-14-27.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kitty’s Return

Table of Contents

NewsBTC

Other articles published on Jun 3, 2024

Prominent Trader Peter Brandt Predicts Bitcoin Price Surge to $150,000

Bad Week For Dogecoin While Raboo And Jasmycoin Take The Spotlight!

BlockDAG’s Keynote 2 Sparks 850% Price Surge, Influencing Bitcoin and Ripple Amid SEC Issues

Telegram-Linked Notcoin Pips Solana, Dogecoin In Volumes To Become Fourth-Most Traded Crypto

Ethereum Eyes New Price Milestone

XRP Market Inflows Skyrocket by 100% With $185 Million Boost

Join our free newsletter for daily crypto updates!