Solana-based memecoin GME surges by 300% amid famous trader's tweet
Keith Gill, better known by his moniker "Roaring Kitty," a notable figure in the 2021 GameStop trading whirlwind, made a comeback on social media platforms this Sunday. His unexpected return ignited excitement within the meme cryptocurrency sphere, particularly affecting the Solana-based meme token GME. The value of this token witnessed an exponential surge, increasing threefold, pushing its market capitalization beyond the $100 million milestone—a staggering growth of 300% in just a few hours as per CoinMarketCap's insights.
Currently, GME is being traded at approximately $0.0147. The trade volumes experienced a dramatic influx, escalating more than six times to reach over $150 million.
In the wake of this frenzy, other cat-themed cryptocurrencies, like Kitty AI, also enjoyed a significant uptick in their market values, essentially doubling in reaction to the prevailing excitement.
Gill's latest activity on the social platform X, marking his return after a hiatus of three years, involved him sharing an image of the reverse card from Uno.
Moreover, Gill made his presence known on Reddit for the first time since last April, sharing a capture indicating the acquisition of 5 million GME stocks for $115.7 million and the allocation of $65.7 million towards call options, betting on the GME stock price hitting at least $20 by June 21.
This Reddit disclosure led to a quick and vigorous response in GameStop's stock value, which climbed 19.19% to $27.5 in just 20 minutes. Before this episode, the closing price of GameStop's stocks was recorded at $23.14, showcasing a 38.8% increase from the beginning of the year, as stated by Google Finance data.
