GameStop’s stock and an associated meme coin surged on Friday after retail trading icon Keith “Roaring Kitty” Gill shared the latest value of his GME portfolio on the r/Superstonk subreddit. Gill now holds over half a billion dollars in GameStop stock and call options.
During overnight trading, GameStop’s shares soared by 47%, reaching $46.55 per share. Simultaneously, the Solana-based meme token GME jumped over 103% as of 1:20 a.m. ET.
The GME meme coin, launched in January 2024 on the Solana blockchain, was created to commemorate the anniversary of the GameStop stock frenzy. Inspired by the epic Reddit rally of 2021, this coin is a fan-made project honoring the GameStop short squeeze saga and has no official connection to GameStop itself.
The surge in both GME stock and the meme coin followed a Reddit post showing a screenshot of Gill’s stock and options position, valued at $586.4 million as of Friday. Earlier in the week, another screenshot revealed that he had acquired 5 million GME shares for $115.7 million and allocated an additional $65.7 million towards call options.
How Keith Gill’s Online Advocacy Ignited the GameStop Frenzy
Gill, a firm believer in GameStop’s potential, began buying shares in 2019. He shared his analysis on platforms like YouTube and Reddit, arguing that the stock was underpriced and encouraging others to join him. His online presence resonated with a growing community of investors, especially during the pandemic, ultimately fueling a dramatic increase in GameStop’s stock price.
In February 2021, media outlets uncovered Gill’s real identity, previously hidden behind the online persona “Roaring Kitty.” Despite the reveal, he continued to advocate for GameStop, even testifying before Congress to defend his belief in the company’s value as an investment.
GameStop Speculation Heats Up as Roaring Kitty Announces Livestream
In May, Gill posted memes on his X account for the first time in three years, triggering a surge in meme stocks, particularly GameStop.
Gill has arranged a live YouTube broadcast for Friday at 12 p.m. ET, titled “Roaring Kitty Live Stream – June 7, 2024.” The scheduled livestream has already attracted over 10,000 eager viewers.
