Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kittys Return
After two silent weeks, Roaring Kittys latest roar has shaken the crypto market. The renowned trader has again set the world ablaze after revealing his substantial 5 million GameStop shares holdings. Following his posts, GameStops shares soared in the premarket by 90%, and the Solana-based tribute token, GME, skyrocketed by 300%.
Roaring Kittys Return To Reddit Sets Market On Fire
On Sunday night, Keith Gills, known as Roaring Kitty, returned from a two-week hiatus. The trader, known for his role in the GameStop saga, wreaked havoc after posting on Reddit for the first time in three years.
Roaring Kittys GME YOLO Update post unveiled that Gill owns 5 million GameStop shares, worth around $115 million. Additionally, he has $65 million worth of GME option calls with a $21 strike expiring on June 21.
The revelation seemingly congested the order flow immediately as the volume of investors trying to buy GME Shares skyrocketed. As one X user informed, orders were being canceled, even when you put in a high-risk ask.
According to the investment research platform Quiver Quantitative, Roaring Kittys net worth could surpass former House Speaker Nancy Pelosis, depending on how GME moves this Monday.
Gills GME position sat him at a $210 million net worth at the time of the post. Meanwhile, Pelosis estimated net worth rounds the $245 million mark, making her the second-richest US politician on Quivers list.
At the start of Monday, GameStops GME price had risen 93% at the premarket open, reaching $45.73. As reported by an X user, based on the premarket price, his position increased by around $300 million. If GME reaches the $70 range, Gills position would be worth over $1 billion.
Solana-Based GME Jumps 300%
Roaring Kittys ripple effect also drove attention to the Solana-based memecoin GME. Solanas GME was launched in February 2024 as a tribute to GameStops meme stock event from 2021.
During the traders first return to the crypto space on May 13, Solanas GME saw a surge of 3,921%. The token went from trading for $0.0004914 to $0.01976 before retracing to the $0.0035 price range in the following days.
As Roaring Kitty went silent, the Solana memecoin hovered between $0.0035-$0.0040. However, Gills latest post has fueled market interest in the token by 1,500%, with a daily trading volume of $237 million.
Moreover, the token has increased by over 300% since the traders posts, going from $0.003907 to $0.01594 as Monday started.
Lookonchain reported that a GME whales smart trading move was paying off. According to the post, a whale has shown a track record of buying Solanas GME at low prices and selling it at highs.
In February, a trader spent 1,409 Solana (SOL), worth around $165,000, to buy 68 million GME following the tokens first price drop. After Gills first comeback, the trader sold $35 million GME for 3,447 SOL, worth around $503,000.
This trader bought another 78.57 million tokens worth 3,059 SOL when the price fell to $0.0067. At the time, the whale had around $593,000 in unrealized profits. Following Roaring Kittys second return, the traders holdings of 108 million GME tokens.
His current holdings are worth around $1.5 million and represent an unrealized profit of $1.37 million on the Solana-based memecoin.
Text source: NewsBTC
