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

GameStop (GME), a Solana-based memecoin, surged over 300% just hours after legendary trader “Roaring Kitty” posted a social post that once again set the memecoin market on fire.

At the time of writing, GameStop-linked memecoin, which has no official connection to the company, was still trading at $0.01309, up 220% in the last 24 hours, according to CoinMarketCap (CMC) data. The crypto asset’s trading volume also increased more than tenfold in the same time period, reaching $213 million.

GME 24-hour price chart | Source: CoinMarketCap

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

X’s latest post follows a series of cryptic 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 renewed interest around “Roaring Kitty.” Another unrelated memecoin, Kitty AI, has more than doubled in value and is currently trading at $0.007139, according to CMC.

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

The screenshot showed that Gill had gained over $9.3 million on his GME holdings, but also had a loss of approximately $2.5 million on call options.

Although the authenticity of this screenshot has not been verified, 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, attributed in part to Gill’s renewed social media activities.

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 investors challenging hedge funds that had shorted the struggling brick-and-mortar gaming store. .

His actions caused the price of GameStop shares to rise over 1,000% in less than a month.

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