The Roaring Kitty craze appears to be dwindling at a swift pace, as evidenced by Gamestop’s stock, GME, which has dipped between 3-5% against the U.S. dollar during Tuesday’s mid-day trading sessions. Similarly, the meme stock AMC Entertainment Holdings, or AMC, has also experienced a decrease of approximately 1.87%. According to the cryptocurrency market cap […]
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Is This The Next Meme Stock Frenzy? ROAR Explodes Over 300% After Kitty’s GME Move
The echoes of 2021’s meme stock saga reverberated through financial markets this morning, as the obscure ROAR meme coin and video game retailer GameStop experienced a meteoric rise fueled by social media nostalgia. The catalyst? The return of a familiar face – Keith Gill, better known by his online moniker “Roaring Kitty.”
Kitty Claws Back In
Retail investors were sent scrambling after Gill, a superstar among the online investment community on Reddit’s WallStreetBets forum, posted a cryptic message hinting at a significant stake in GameStop.
The post, featuring an image of the “Uno Reverse” card, sent speculation into overdrive. Shortly after, Gill confirmed his bullish stance by revealing a massive holding of 5 million GameStop shares, valued at roughly 6 million based on Friday’s closing price.
In the 20 minutes that followed Gill’s post, GameStop’s stock price on Robinhood’s overnight markets shot up by 20% to .50. This increase followed the stock’s Friday closing price of .14. This year, the shares have increased by almost 40%, presumably as a result of Gill’s sudden comeback.
This disclosure sent shockwaves through the market. GameStop’s stock, infamous for its volatility during the meme stock frenzy of 2021, surged over 100% at its peak in pre-market trading on Monday.
NOW: GameStop soars after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a 6 million bet https://t.co/0mnyJF4lIf pic.twitter.com/rpRdA2AIWL
— Bloomberg Markets (@markets) June 3, 2024
While the price eventually settled to an impressive 88% increase, the roar from retail investors was undeniable. The ROAR meme coin, seemingly named in homage to Gill’s online persona, mirrored the GameStop price surge of over 300%, reaching a high of .001643.
A Meme Stock Revival?
The sudden rise of both ROAR and GameStop has reignited the debate surrounding meme stocks. These assets, often characterized by high volatility and driven more by online hype than traditional financial metrics, captured the imagination of retail investors in 2021. Gill, who played a pivotal role in the initial GameStop saga, appears to be a key player in this potential revival.
However, analysts remain cautious. GameStop itself is in a precarious position, having recently sold a massive chunk of shares to bolster its finances while facing continued net losses and projected sales declines. The company’s long-term prospects remain uncertain, raising questions about whether this is a genuine resurgence or simply a nostalgic echo of 2021.
Weighing Hype Against Reality
The recent surge in ROAR and GameStop presents a classic risk-reward scenario for investors. Early participants who bought in at lower prices stand to reap significant profits. However, the inherent volatility of meme stocks poses a significant danger of substantial losses.
Featured image from HubPages, chart from TradingView
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.
Meme Stock and GME Meme Coin Craze Rekindled by Roaring Kitty’s Reddit Return
Meme stocks like Gamestop (GME) and meme coins associated with the GME and Wall Street Bets trend have experienced an upswing following Keith Gill’s return to Reddit. Gill, also known as “Roaring Kitty,” has sparked renewed interest. Over the past 24 hours, crypto assets such as GME and KITTY have seen triple-digit gains. GME and […]
Bitcoin News
‘The Dog Days Are Over’: Cat Memecoins Soar 16.1% After Roaring Kitty’s Return
On Monday, popular internet figure and trader “Roaring Kitty” made a surprise comeback to social media that sent the crypto market into shock and excitement.
His return post was followed by a series of cryptic videos, including catsm, which seemingly fueled a price increase for cat-themed memecoins in the past 24 hours.
Memecoin Frenzy And Market Reaction
Keith Gill, known as “The Roaring Kitty,” returned to social media after a three-year hiatus by posting the popular “leaning forward in the chair” meme.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
His comeback propelled GameStop’s meme stock (GME) price to rise 201% in the past day, as he was a major player during the 2021 meme stock frenzy.
Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported by News BTC, Wolverine-inspired memecoins soared after featuring the Marvel character in one of his edits.
Other big players in the sector saw green numbers in the following hours, like Pepe (PEPE) and many of the top market cap dog-themed memecoins.
As part of the ripple effect, the largest frog-themed memecoin has flipped Solana (SOL) in its daily trading volume, registering a 238% increase in volume in the past day.
Moreover, smart traders benefited from the surge after buying large token amounts. According to Lookonchain, one whale bought 195 billion PEPE, worth .98 million, and had already made 6,000 in unrealized profit a few hours later.
Dog Days Are Over, Cat-Themed Memecoins Gain 16%
The impact of Roaring Kitty’s return didn’t stop at the dog-themed memecoins. Several images and references to cats were part of the trader’s edits, fueling a 16% surge in the cat-themed sector.
Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the top-ten memecoins list in the past month.
One of Roaring Kitty’s edits included a fragment of Florence + The Machine’s song “Dog Days Are Over.” Alongside the video, the trader emphasized the lyrics, “The dog days are over, the dog days are done.”
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Additionally, he added cat images, seemingly insinuating that a future memecoin rally could be led by cat-themed memecoins instead of the usual dog-themed ones.
Whales Hear The ROAR
Lookonchain reported that, alongside GME, the memecoin Roaring Kitty (KITTY) skyrocketed 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant surge.
Popcat has registered a 24.4% and 276% increase in the one-day and monthly timeframes, while MichiCoin surged 38.9% in the past day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in the daily trading volume.
Among the top gainers were the tokens inspired by the trader. The Ethereum-based SOAR skyrocketed over 1162% in hours, going from .00024830 to .0031338. This surge also represented a massive 3216.8% increase in the weekly timeframe, with a similar daily trading volume increase of 826%.
Per the report, whales took advantage of the momentum and loaded their bags with these tokens. One whale withdrew SOL from Binance and bought 490,400 POPCAT, worth around 5,472.
Another big player, who had previously made 2,170 SOL, about 0,000, on POPCAT, spent another 4,000 SOL, approximately 2,000, to buy POPCAT and MICHI tokens. The whale acquired 587,3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount.