The ROAR meme coin experienced a substantial increase in value, rising by over 300% this morning. This surge was primarily driven by social media influencer Roaring Kitty, also known as Keith Gill, who announced his significant holdings in GameStop stock.

24-Hour Price Surge of ROAR

The ROAR meme coin, linked to Roaring Kitty, saw its value climb by 307.4%, reaching $0.001643. This remarkable rise was documented by CoinGecko.

Roaring Kitty’s Impact on GameStop

Roaring Kitty, a prominent figure in the meme stock community, posted a screenshot on Reddit showing his substantial holdings in GameStop stock and options. Based on Friday’s closing price, Gill’s post indicated he owns 5 million GameStop shares valued at around $116 million.

Gill’s disclosure had an immediate effect, driving GameStop’s stock up by over 100% at its peak on Monday before settling to an 88% increase in pre-market trading.

During its peak, GameStop shares reached $43.57, showcasing renewed interest among meme stock investors. This activity highlighted the influence of social media on stock prices, especially for stocks like GameStop that are known for their volatility.

GameStop’s Volatility and Future Prospects

GameStop recently sold 45 million shares for $933.4 million, cautioning investors about potential significant losses. Despite the recent surge, the company is still facing projected quarterly sales declines and ongoing net losses. As of now, $GME is trading at $30.47 per share with a daily volume exceeding $118 million.

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