GameStop (GME), a Solana-based memecoin, has seen an impressive surge of over 300% within hours following a social post by the well-known trader, “Roaring Kitty.” This development has reignited interest in the memecoin market.

At the time of writing, the GameStop-related memecoin—which has no official ties to the company—was trading at $0.01309, marking a 220% increase in the last 24 hours, according to data from CoinMarketCap (CMC). The crypto asset’s trading volume also surged to $213 million, a tenfold increase within the same period.

Impact of Social Media on Memecoin Prices

On June 3, stock trader Keith Gill, known online as “Roaring Kitty,” posted a cryptic image of a green UNO reverse card on social media platform X. This post is part of a series of enigmatic messages and memes he has shared since his return to social media in May.

“Roaring Kitty’s posts have a history of significantly impacting market sentiment, especially among retail investors.”

Other memecoins have also experienced notable gains due to the renewed buzz around “Roaring Kitty.” Kitty AI, another unrelated memecoin, more than doubled in value, currently trading at $0.007139, according to CMC.

Keith Gill’s Market Moves

On June 2, Gill made a rare appearance on Reddit, his first since April 2021, sharing a screenshot that appeared to show his purchase of 5 million GME shares for $115.7 million. He also invested $65.7 million in call options, betting that the GME stock price would reach at least $20 per share by June 21. The screenshot indicated that Gill had gained over $9.3 million on his GME holdings, though he was also holding a loss of nearly $2.5 million on his call options.

While the authenticity of this screenshot remains unverified, its impact on market sentiment has been significant.

GameStop’s Stock Performance

GameStop shares, which closed at $23.14 on May 31, have seen an upward trend over the past month, partly attributed to Gill’s renewed social media activity. 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 traders challenging hedge funds that were shorting the struggling brick-and-mortar game store.

Their actions ended up sending the price of GameStop stock soaring over 1,000% in under a month. Some market observers believe that the GameStop short squeeze paved the way for the subsequent surge in memecoins, such as Dogecoin and Shiba Inu, as retail investors shifted their focus to other speculative assets.

Stay updated with the latest news and trends in the cryptocurrency market on Global Crypto News.

Post Views: 10