ROAR spikes 300% following Roaring Kitty’s GameStop announcment

The value of the ROAR meme coin soared more than 300% this morning, driven by social media influencer Roaring Kitty’s announcement of GameStop stock.

24-hour price of ROAR from CoinGecko

The ROAR meme coin, associated with social media phenomenon Roaring Kitty, saw a staggering increase in value this morning, rising 307.4% to $0.001643, according to CoinGecko.

Roaring Kitty and 5 million shares on the rise

This increase is due to influential developments involving Roaring Kitty, also known as Keith Gill, who posted a screenshot on Reddit suggesting large holdings of GameStop shares and options. Gill’s post revealed that he owns 5 million GameStop shares, worth about $116 million, based on Friday’s closing price.

Screenshot of Roaring Kitty’s location at Game Stop

Gill’s statement had an immediate and profound impact; Shares of GameStop jumped more than 100% at their peak on Monday and then rose 88% in pre-market trading. GameStop shares reached $43.57 at their peak, reflecting renewed excitement among meme stock investors.

The rise in GameStop shares and Gill’s strategic social media activities, which included a cryptic post specifically featuring the Uno reverse card, have reignited interest in meme stocks. Typically defined by dramatic price swings driven by online popularity rather than company performance, these stocks have become a focal point for retail investors.

GameStop itself has been going through an unstable period, selling 45 million shares for $933.4 million last month while also warning investors of potential significant losses. Despite the recent increase, the company faces expected declines in quarterly sales and ongoing net losses.

$GME is currently at $30.47 per share with daily volume of over $118 million.

Last 2 trading days of $GME from TradingView