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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.
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.
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Roaring Kitty, DeepFuckingValue has updated his GameStop, $GME position.
— unusual_whales (@unusual_whales) June 6, 2024
He is worth now over $586 MILLION, with a 219% gain so far. pic.twitter.com/OM7nMayCvZ
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.
Read more: GameStop Stock, Meme Tokens Surge as User ‘DeepFu*kingValue’ Returns to Reddit
UPDATE: (June 7, 01:16 UTC): Fixes typo in subheadline.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
