The GameStop stock surge grows as legendary trader Keith Gill (Roaring Kitty) returns in dramatic fashion with a 5 million scoop of GME.
The meme stock frenzy has returned AGAIN, with GameStop leading the charge once more like Napoleon marching into Waterloo.
Shares of GameStop rocketed 84% in the premarket on Monday to $42.55, fueled by speculation that Keith Gill, the hero of the 2021 short squeeze, could be returning to the scene.
Keith Gill, aka ‘DeepF——Value’ on Reddit and ‘Roaring Kitty’ on YouTube, popped back up on social media Sunday night, flashing a screenshot of his portfolio holding 5 million GameStop shares worth $115.7 million.
Plus, he has 120,000 call options for GameStop at a $20 strike price, expiring June 21st, bought for $5.68 each.
Roaring Kitty finished the Twitter spree with a cryptic post of a green reverse uno card – green? What could it mean? – posted on X.
— Roaring Kitty (@TheRoaringKitty) June 3, 2024
GameStop’s Ripple Effect on Meme Stocks and Cryptocurrencies
Once a marketer for MassMutual, Keith Gill returned to social media three weeks ago, simply posting a picture of a man leaning forward in a chair doubled GameStop’s stock price in May and led to a buying frenzy among retail traders.
GameStop capitalized on this renewed interest by raising over $900 million in a stock sale during the May rally.
The Gill effect rippled beyond GameStop. Retail favorites like AMC, SunPower, Beyond Meat, BlackBerry, and Reddit saw premarket surges, with AMC up 36%.
“Recent renewed interest in meme stocks, coming as the main US indices struggle to make new highs, is a sign of excessive over exuberance and is more likely a negative portent given the rising headwinds in the markets,” said Robert Lea, a Bloomberg Intelligence analyst.
On the crypto front, a GameStop meme coin on the Solana blockchain exploded by 550%, while an AMC token took off with a 1,200% jump, per DEXTools.
Smaller cat-themed coins like kitty (KITTY) soared by thousands of percent. Meanwhile, popcat (POPCAT) and mog (MOG) gained over 15%, and bigger names like DOGE and SHIB saw 5% and 7% boosts.
DISCOVER: The Best Meme Coins to Buy in June 2024
GME’s Future Amid Crazy New GameStop Share Rally
Under CEO Ryan Cohen, GameStop is battling its way from retail dinosaur to online gaming contender. Investors are holding onto hope.
Meanwhile, Keith Gill’s Uno reverse card on X blew up with 5.5 million views, hinting at his still-potent market sway.
Keep your eye on GME as the rally might spill over into meme stocks and, eventually, Bitcoin.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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