GameStop and Roaring Kitty-themed memecoins surge as Keith Gill apparently returns to Reddit
Quick Take
- The GME, ROAR and KITTY memecoins have surged today as Roaring Kitty appeared to return to Reddit for the first time in over three years.
- GameStop also gained over 80% in pre-market trading after Roaring Kitty disclosed his latest position in the stock, worth over $180 million.
GameStop and Roaring Kitty-themed memecoins surged on Monday after the popular former financial analyst and trader Keith Gill appeared to return to Reddit for the first time in three years — disclosing his latest position in the stock, worth over $180 million.
GME, ROAR and KITTY gained 315%, 660% and 476%, respectively, following his Reddit post, per CoinGecko data, and are currently trading for $0.014, $0.015 and $0.0017.
GME is a Solana-based memecoin using the same ticker symbol as GameStop stock but has no official affiliation with the video game retailer. ROAR and KITTY are themed on the Roaring Kitty online persona of Gill, who was involved in the GameStop short squeeze three years ago, but again have no official connection to the investor.
GME/USD memecoin price chart. Image: CoinGecko.
GameStop stock itself is currently up over 80% in pre-market trading, though overnight trading of GME on Robinhood, also embroiled in the 2021 meme stock craze, is reportedly not working.
GME/USD pre-market trading. Image: TradingView.
Gill’s Reddit account “u/DeepFuckingValue” had been dormant since April 16, 2021, before the “GME YOLO update - June 2 2024” post. The update discloses $65.7 million worth of GameStop call options, plus $115.7 million worth of shares owned outright.
“By using call options in addition to owning shares outright, Roaring Kitty has leveraged his position to have a ridiculously large exposure (over 5%) of GME stock with much less capital than buying shares directly,” Jason Hitchcock, Head of Ecosystem at web3 development platform thirdweb, said.