GameStop (NYSE: GME), the infamous meme stock, has seen a remarkable surge on Wall Street, with its price skyrocketing by 47.45% in a single day, closing at $46.55 on Thursday. In aftermarket trading, GME stock climbed further, trading above $61. Meanwhile, the Solana-based meme token GME has also experienced a massive rally, boasting monthly gains of over 4,600% and a 118% increase in the past 24 hours.
Roaring Kitty’s Impact
Roaring Kitty, DeepFuckingValue has updated his GameStop, $GME position.
He is worth now over $586 MILLION, with a 219% gain so far. pic.twitter.com/OM7nMayCvZ
— unusual_whales (@unusual_whales) June 6, 2024
Keith Gill, known online as Roaring Kitty, has significantly influenced the GameStop rally. Gill announced a YouTube livestream scheduled for Friday, revealing that his combined stock and options position in GameStop is now valued at approximately $586 million. This announcement has fueled the ongoing rally, with GameStop stock gaining more than 200% over the past month.
The Battle with Hedge Funds
This surge recalls the 2021 battle between retail investors and hedge funds. Earlier this week, Andrew Left, co-founder of Citron Research, announced he would be shorting GameStop again after closing his May position. Left commented on Gill’s substantial market positions, suggesting he might as well be a hedge fund manager. In aftermarket hours, GameStop stock surged an additional 31%.
Popular investor Anthony Pompliano highlighted the potential for Roaring Kitty to become a billionaire if GameStop hits $69 a share, noting the irony of a retail investor potentially achieving billionaire status while live-streaming the event.
Solana-Based GME Meme Coin Rally
Parallel to the GameStop rally, the digital asset market has witnessed significant activity. The Solana-based meme token GME, inspired by GameStop but unaffiliated with the company, surged over 118% in the past 24 hours, according to CoinGecko. This spike occurred despite a broader crypto market pullback. Additionally, the AMC token, another meme coin with no affiliation to the movie theater chain, saw a similar 118% increase and has surged by 4,600% over the past month, reaching a new all-time high.
Some market analysts are now projecting a $1 price target for the $GME meme coin, reflecting the exuberant sentiment surrounding these assets.
