Key Insights
- GameStop and Roaring Kitty-themed memecoins surged after Keith Gill disclosed $180M GME position on Reddit.
- Gill, known as ‘Roaring Kitty,’ returned to Reddit after a three-year hiatus, sparking a frenzy in GME, ROAR, and KITTY tokens.
- The 2021 meme stock phenomenon, heavily influenced by Gill and r/WallStreetBets, saw shares of GameStop and other struggling companies soar.
NEW YORK (MarketsXplora) – Memecoins themed around video game retailer GameStop and former financial analyst Keith Gill, also known as “Roaring Kitty,” skyrocketed on Monday following Gill’s apparent return to Reddit after a three-year hiatus.
GME, ROAR, and KITTY tokens gained 315%, 660%, and 476%, respectively, according to data from CoinGecko, after Gill disclosed a $180 million position in GameStop stock through his Reddit account “u/DeepFuckingValue.”
Despite sharing the same ticker symbol, the GME memecoin on the Solana blockchain has no official ties to GameStop. Similarly, ROAR and KITTY are not officially connected to Gill, who gained notoriety during the GameStop short squeeze in 2021.
GameStop shares also surged over 80% in pre-market trading, although overnight trading of GME on Robinhood, another key player in the 2021 meme stock frenzy, reportedly experienced technical issues.
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Gill’s Reddit post, titled “GME YOLO update – June 2 2024,” revealed $65.7 million in GameStop call options and $115.7 million in directly owned shares. The leveraged position gives Gill exposure to over 5% of GME stock, according to Jason Hitchcock, Head of Ecosystem at web3 platform thirdweb.
Questions remain about the authenticity of the Reddit account, as it could have been sold or compromised during its dormancy. Gill’s Twitter account, Roaring Kitty X, also posted an Uno reverse card, possibly hinting at a repeat of the 2021 GME stock play.
Unlike the original posts in the r/WallStreetBets subreddit, the latest update appeared in r/Superstonk, prompting mixed reactions from the trading community. Some users welcomed Gill’s return, while others criticized his disappearance and its impact on retail investors.
Data from Unusual Whales suggests the options position aligns with recent purchases by a GME whale, but some traders speculate that Gill may be positioning for another sell-off.
The 2021 meme stock phenomenon, heavily influenced by Gill and the r/WallStreetBets community, saw shares of GameStop, AMC Entertainment, and other struggling companies surge by over 1,000%.
As of publication time, the GMCI Meme Index, which tracks the largest memecoins by market capitalization, was up 3.03% at 371.42.