GameStop-Inspired Solana Meme Coin Soars Over 80% as Roaring Kitty Flashes $586M Worth of GME Position

Shares of GameStop closed the Thursday session 47% higher as the retail trading icon provided an update of his position and announced a livestream for Friday.

AccessTimeIconJun 6, 2024 at 9:55 p.m. UTC
Updated Jun 7, 2024 at 9:36 p.m. UTC

It's 2021 all over again as shares of video retailer GameStop (GME) soared Thursday after influential retail trader Keith Gill, better known under his Roaring Kitty or DeepF--kingValue aliases, provided an update on his massive bet on the embattled stock.

According to a screenshot posted on Reddit, Gill's stock and options position is now worth some $586 million combined. He announced a YouTube livestream for Friday. GameStop shares closed Thursday's session 47% higher.

The action rippled through the digital asset market, too. Solana-based meme token GME, which was inspired by GameStop but has no affiliation with the company, surged more than 80% over the past 24 hours, CoinGecko data shows, despite the broader crypto market pulling back. The micro-cap AMC token, which shares the name of the troubled movie theater chain but similarly has no affiliation, also jumped 83%.

Gill, who rose to fame during the GameStop short squeeze in the pandemic years, sparked a frenzy for meme coins last month when he returned to social media after three years of silence. Since then, the GME token is up over 3,000% since mid-May and surpassed a $120 million market capitalization.

UPDATE: (June 7, 01:16 UTC): Fixes typo in subheadline.

Edited by Nikhilesh De and Marc Hochstein.


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Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.