Keith Patrick Gill, also known as “Roaring Kitty,” an investor in Gamestop stock, has been sued in the Eastern District of New York for allegedly committing securities fraud. The lawsuit alleges that Gill, using social media posts on X and Reddit, orchestrated a pump-and-dump scheme by manipulating the public to purchase Gamestop (GME) and then […]
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Keith Gill Boosts Gamestop Stake, Becomes Fourth Largest Shareholder
Keith Gill, also known by his alias ‘Roaring Kitty,’ has significantly increased his investment in Gamestop, now holding nine million shares, which positions him as the fourth largest shareholder. His portfolio value has risen to around 8 million after he strategically exercised call options to acquire additional shares at each. Gamestop’s share price fluctuated, […]
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Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kitty’s Return
After two silent weeks, Roaring Kitty’s 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, GameStop’s shares soared in the premarket by 90%, and the Solana-based tribute token, GME, skyrocketed by 300%.
Roaring Kitty’s 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 Kitty’s “GME YOLO Update” post unveiled that Gill owns 5 million GameStop shares, worth around 5 million. Additionally, he has million worth of GME option calls with a 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 Kitty’s net worth could surpass former House Speaker Nancy Pelosi’s, depending on how GME moves this Monday.
Gill’s GME position sat him at a 0 million net worth at the time of the post. Meanwhile, Pelosi’s estimated net worth rounds the 5 million mark, making her the second-richest US politician on Quiver’s list.
At the start of Monday, GameStop’s GME price had risen 93% at the premarket open, reaching .73. As reported by an X user, based on the premarket price, his position increased by around 0 million. If GME reaches the range, Gill’s position would be worth over billion.
Solana-Based GME Jumps 300%
Roaring Kitty’s ripple effect also drove attention to the Solana-based memecoin GME. Solana’s GME was launched in February 2024 as a tribute to GameStop’s meme stock event from 2021.
During the trader’s first return to the crypto space on May 13, Solana’s GME saw a surge of 3,921%. The token went from trading for .0004914 to .01976 before retracing to the .0035 price range in the following days.
As Roaring Kitty went silent, the Solana memecoin hovered between .0035-.0040. However, Gill’s latest post has fueled market interest in the token by 1,500%, with a daily trading volume of 7 million.
Moreover, the token has increased by over 300% since the trader’s posts, going from .003907 to .01594 as Monday started.
Lookonchain reported that a GME whale’s smart trading move was paying off. According to the post, a whale has shown a track record of buying Solana’s GME at low prices and selling it at highs.
In February, a trader spent 1,409 Solana (SOL), worth around 5,000, to buy 68 million GME following the token’s first price drop. After Gill’s first comeback, the trader sold million GME for 3,447 SOL, worth around 3,000.
This trader bought another 78.57 million tokens worth 3,059 SOL when the price fell to .0067. At the time, the whale had around 3,000 in unrealized profits. Following Roaring Kitty’s second return, the trader’s holdings of 108 million GME tokens.
His current holdings are worth around .5 million and represent an unrealized profit of .37 million on the Solana-based memecoin.
Gamestop, AMC Shares Plunge as ‘Roaring Kitty’ Keeps Posting Video Clips and Memes
On Wednesday, while equity markets experienced a rise following the release of the consumer price index (CPI) report, Gamestop’s stock GME tumbled 34%, and AMC’s shares fell more than 25%. Concurrently, the well-known ‘Roaring Kitty’ continued to share video clips of classic films, albeit with slight modifications. Meme Stock Slide: Gamestop, AMC Take Hits On […]
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Pepe Power! Meme Coin Surges On Back Of GameStop Nostalgia
The internet’s resident amphibian is back in the spotlight, but this time Pepe the Frog isn’t gracing troll forums – he’s maneuvering his way to the top of the cryptocurrency charts. PEPE, the meme coin named after the internet legend, is experiencing a historic surge, fueled by a potent mix of nostalgia and retail investor fervor.
From Backwater To Bullfrog: PEPE’s Rise
PEPE’s recent ascent is nothing short of meteoric. Trading volume has skyrocketed by an impressive 300% in the past 24 hours, with the price reaching an all-time high. This dramatic rise coincides with a resurgence in Gamestop (GME) stock, leading many to believe that the retail investor army of 2021 is back for round two, armed with meme coins as their weapon of choice.
The return of Keith Gill, better known online as “Roaring Kitty,” has acted as a rallying cry for these digital warriors. Gill’s surprise post on his dormant Reddit account sent shockwaves through the market, reigniting the nostalgic flames of the original Gamestop saga. Analysts suggest this nostalgia has spilled over into the crypto market, sparking a full-blown meme coin craze.
PEPE, already experiencing a steady climb since mid-April, has emerged as the unlikely champion of this digital meme menagerie.
Whales Take A Dip In The Pepe Pond
It’s not just the small-time investors driving the PEPE surge. Big money, or “whales” in crypto speak, are also diving headfirst into the frenzy. On-chain data reveals a whale recently splashing out a cool 1.86 million USDC for a whopping 195 billion PEPE tokens. Another whale scooped up a hefty 406 million PEPE, further propelling the price upwards.
This guy spent 1.86M $USDC to buy 195B $PEPE 12 hours ago and has now made an unrealized profit of 6K.https://t.co/TSngBKN2yC pic.twitter.com/Oszxx3nIO2
— Lookonchain (@lookonchain) May 14, 2024
But Is It All Golden Memes And Rainbows?
While PEPE’s current trajectory is a dream come true for early adopters, a cautionary tale lurks beneath the frothy surface. Meme coins are notorious for their wild volatility. Their value is often built on hype and fleeting internet trends, not robust financial fundamentals. This means a sudden shift in sentiment could trigger a dramatic price crash, leaving investors holding the Pepe bag.
Related Reading: Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff
Furthermore, PEPE is a relatively new player in the crypto game, with an uncertain future. Unlike established cryptocurrencies, PEPE lacks a proven track record. Its long-term viability remains a question mark.
Featured image from @GameStopPepe/X, chart from TradingView
Andrew Tate Pours $6M Into Gamestop as Meme Stock Craze Continues to Shock Wall Street
The frenzy surrounding GME and AMC remains ongoing, with both stocks experiencing increases of 200% and 150%, respectively, over the past five days. In the midst of this excitement, CNBC’s Mad Money host Jim Cramer suggested that the companies would be foolish not to seize the opportunity to raise capital by issuing shares. Socialite Andrew […]
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GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight
GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%.
Fueling this rally is the return of the influential social media figure Keith Gill’s “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins.
GameStop Memestock Frenzy
The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds.
Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year.
While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures.
According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, “skeptics” were up an estimated 0 million from January to April before slipping into the red by Monday morning.
The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania.
As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range.
Roaring Kitty’s Ripple Effect
Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows.
Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release.
Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data.
For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of .00001077 during early Monday trading.
Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday.
The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges.
Featured image from Shutterstock, chart from TradingView.com
Gamestop Shares Surge 70% as Roaring Kitty Returns to Social Media
Gamestop shares climbed by 70% today, representing the most significant gain since 2021, triggered by a mysterious social media post from Roaring Kitty, the figurehead of the earlier meme stock and Wall Street Bets craze. This sharp rise in the stock’s value occurred alongside pronounced trading instability and numerous suspensions. The Return of Roaring Kitty […]
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Billionaire Takes Over As GameStop CEO, Bullish For Dogecoin?
Billionaire investor Ryan Cohen has been appointed as the new Chief Executive Officer (CEO) of GameStop, a brick-and-mortar video game retailer in the United States, a move that could potentially impact Dogecoin. GameStop’s stock and the Dogecoin price have shown signs of correlation.
Before assuming this role, Cohen had been the Executive Chairman of GameStop since January 2022 and remained the largest shareholder. The experienced investor takes over in what analysts said is an attempt by the board to turn around the fortunes of the public company.
Pro-GameStop Billionaire Takes Over As CEO
In this role, Cohen takes over as the President, Chief Executive, and Chairman of GameStop, representing a move to overhaul and possibly revive the company’s leadership structure. While he assumes several positions, reports indicate that the billionaire won’t receive a salary.
Following news of Cohen’s announcement, GameStop prices surged 10%. Analysts interpret this expansion as confidence in the experienced investor’s capability and even genuine commitment to sparking a turnaround following challenges in 2022 and the shifting landscape that has seen sales in brick-and-mortar stores fall.
The appointment is bullish for GameStop because Cohen is one of the largest shareholders. From September 2020, the billionaire started accumulating aggressively through to December 2020.
The billionaire publicly supported a stock that hedge funds had ignored, as they were betting on a video game retailer to go bankrupt. However, in January 2021, due to a “short squeeze,” GameStop’s stock prices surged by 1,500% as retailers jumped on board, causing the stock to reach around .
Will Dogecoin Mirror GameStop’s Rally Of 2021?
The sharp expansion of GameStop in January due to FOMO and retailers banking on a “meme stock” bear the same characteristics as the sudden rally of Dogecoin in the first half of 2021. At peaks, Dogecoin soared to as high as .78 as support from Elon Musk, the world’s richest entrepreneur, pumped the coin to record levels.
The CEO of X openly expressed support for DOGE, even appearing on Sunday Night Live (SNL) as the “Doge Master.”
Beyond Elon Musk, Dogecoin’s status as the first meme coin and its alignment with the broader trend of meme stocks rallying in early 2021, driven chiefly by online communities and social media, fueled DOGE prices.
DOGE prices have since cooled off, falling by over 80% as bears pressed on, reversing the project’s huge valuations. Even so, supporters remain bullish, expecting the meme coin to recover in the sessions ahead.
It remains to be seen if Elon Musk will continue tweeting frequently about DOGE. The billionaire is being sued in New York for allegedly promoting Dogecoin as a “get-rich-quick” scheme. The lawsuit claims that Musk, Tesla, and SpaceX were involved in a “racketeering conspiracy” to support DOGE.
Gamestop to Sunset Crypto Wallet Amid Regulatory Uncertainty; Advises Users to Secure Passphrase
Gamestop, the American retailer known for specializing in video game sales, has announced its intention to eliminate its iOS and Chrome Extension crypto wallets on November 1, 2023. The company cited the decision as a response to the existing “regulatory uncertainty of the crypto space.”
Gamestop to Discontinue iOS and Chrome Extension Wallets: Regulatory Challenges Cited
Visitors to Gamestop’s online crypto hub, “nft.gamestop.com,” are now met with an announcement declaring the removal of the firm’s Web3 wallet. “Due to the regulatory uncertainty of the crypto space, Gamestop has decided to remove its iOS and Chrome Extension wallets from the market on November 1, 2023,” the statement from Gamestop explains.
The company first signaled its interest in the non-fungible token (NFT) and Web3 domain in May 2021. A year later, in May 2022, Gamestop launched the firm’s Ethereum-based wallet, employing Loopring’s zk-rollup technology. In November 2022, several months later, the Gamestop NFT Marketplace was launched on Immutable X, showcasing Web3 games and NFTs.
Gamestop remained vague about the specific regulations prompting the halt of its Web3 wallet venture, but 2023 has marked a year of substantial regulatory enforcement, especially in the United States.
The U.S. Securities and Exchange Commission (SEC) has categorized dozens of crypto assets as securities and maintains that some exchanges are conducting unregistered brokerage services.
This regulatory atmosphere has motivated Robinhood, Etoro, and Bakkt to remove several crypto assets from their platforms. The Gamestop Wallet is a self-custodial wallet and the web portal’s announcement notes that people can leverage their secret passphrase to recover their accounts.
“We advise that all customers ensure that they have access to their secret passphrase by October 1, 2023,” Gamestop disclosed. “Any customer with access to their secret passphrase has the ability to recover their account in any compatible wallet.”
What do you think about Gamestop’s decision to remove its crypto wallet? Share your thoughts and opinions about this subject in the comments section below.