As a seasoned crypto investor who closely follows the stock market and meme coin trends, I find the recent developments surrounding Roaring Kitty’s GameStop portfolio and its impact on the meme coin market incredibly intriguing. The potential for mass web3 adoption sparked by this meme coin frenzy is an exciting prospect.
As a crypto investor following the GameStop saga, I’m excited to share that popular figure Keith Gill, known as Roaring Kitty on X platform, has recently resurfaced on Reddit after a long hiatus since 2021. In an intriguing post on Sunday, he disclosed details of his GameStop Corp (NYSE: GME) portfolio. As I speak now, I proudly hold around 5 million shares of GME, which I purchased for an average price of $21.27 each. With the current market value, my investment is now worth approximately $115.7 million.
Further, Gill owns call options for 120,000 shares of GameStop (GME) with a total value of approximately $65 million. These call options are scheduled to expire on June 21, 2024. As of last Sunday, the value of Gill’s GME call options had decreased by around 3.7 percent since he purchased them at $5.68 per share.
After the disclosure of Roaring Kitty’s investment in GameStop shares, the GME stock experienced a significant surge, rising over 88% in just one day and reaching approximately $43.66 during the early trading hours on Monday.
GameStop is a mid-sized business in the entertainment industry, worth approximately $7.09 billion according to recent evaluations. This corporation has about 306 million outstanding shares.
Previously reported by Coinspeaker, the significant surge in altcoin prices during 2021 can be attributed in large part to the GameStop rally. This price increase was fueled by the social media buzz surrounding Gill’s activities, leading to a notable rise of over 41% for GME shares last month. Despite occasional market corrections, this trend continued.
A company known for providing entertainment has drawn significant interest from investors focusing on short-term gains, leading to remarkable growth in the first part of the year.
Meme Coin Frenzy Triggered by GameStop Rally
As an analyst, I’ve observed an intriguing resurgence of the GameStop stock, which in turn has sparked renewed interest in meme coins. This trend could potentially lead to a significant increase in web3 adoption across the masses. Furthermore, due to the frequent trading halts on GameStop shares during periods of intense volatility, an increasing number of traders are turning towards blockchain-based products for their transactions. These markets offer more freedom and flexibility compared to traditional stock exchanges.
As a researcher studying the crypto market, I’ve come across an intriguing analysis by a well-known crypto expert under the alias Scofield on the X platform. Scofield posits that the recent surge in GameStop (GME) stock could potentially ignite a significant rally for meme coins. Among his top picks are Shiba Inu (SHIB), Dogecoin (DOGE), Dogewifhat (WIF), Pepe (PEPE), Bonk (BONK), and Floki Inu (FLOKI).
The crypto expert has identified Floki Inu as a strong contender for investing during this bull market based on its solid fundamentals and significant supply reduction.
BIG week for #memecoins IMO!
In an exciting revelation, the renowned figure behind the “Roaring Kitty” moniker disclosed a substantial investment worth $200 million in GameStop stocks. His upbeat demeanor adds to the optimistic sentiment surrounding this popular stock.
This is massively bullish for memecoins like $FLOKI, $DOGE, $WIF, $PEPE, $SHIB, and $BONK.
I expect #FLOKI to benefit the most from…
— Scofield (@Crypto_Scofield) June 3, 2024
After a challenging period for bearish investors, Roaring Kitty made a comeback, leading to notable gains for meme coins associated with GameStop on various blockchains. For example, GME on Ethereum has experienced an over 10x increase in the last 24 hours and was priced around $0.000057 during the London trading session on Monday.
In just 24 hours, the price of GME (Base) surged over 218%, reaching approximately $0.0429 at the time of reporting. Likewise, the GME token built on the Solana (SOL) platform experienced a significant increase of around 200% in the same period and was trading at roughly $0.0146.
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2024-06-03 13:25