Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kitty’s Return

As an experienced financial analyst, I’ve seen my fair share of market-moving events in the crypto space. Roaring Kitty’s recent return to Reddit and subsequent revelation of his substantial GameStop holdings is one such event that has once again proven the power of retail investor sentiment.

As a researcher studying the crypto market, I’ve noticed an exciting development after a two-week silence from Roaring Kitty. His latest announcement has caused quite a stir, sending waves through the industry. He unveiled his impressive ownership of 5 million shares in GameStop, which immediately caught the attention of traders and investors alike. Consequently, GameStop’s shares surged by 90% in the premarket, while the Solana-tribute token, GME, experienced a remarkable jump of 300%.

Roaring Kitty’s Return To Reddit Sets Market On Fire

As a seasoned analyst, I’d rephrase it like this: On Sunday night, after a two-week absence, I, Roaring Kitty aka Keith Gills, made my long-awaited return to the Reddit community. My unexpected presence sparked excitement and apprehension in equal measure due to my past role in the GameStop saga.

In a recent “GME YOLO Update” post, Roaring Kitty revealed that Gary Glick holds approximately 5 million shares of GameStop, valued at around $115 million. Furthermore, his option portfolio includes $65 million worth of GameStop call options with a strike price set at $21, set to expire on June 21st.

Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kitty’s Return

The unexpected disclosure triggered an instant rush of buying activity among investors for GME Shares, leading to a significant backlog in order processing. According to one X user’s report, orders were getting cancelled, including those labeled as high-risk bids.

Based on data from investment research platform Quiver Quantitative, Roaring Kitty’s fortune may exceed that of former House Speaker Nancy Pelosi if GameStop (GME) experiences significant growth on Monday.

As a crypto investor, I can tell you that my position in GME contributed significantly to my net worth, which was valued at approximately $210 million according to my latest post. On the other hand, Pelosi’s estimated net worth is reportedly around $245 million, making her the second wealthiest US politician, based on Quiver’s latest list.

As a financial analyst, I’d rephrase it as follows: On the opening of Monday, GameStop’s stock price, represented by the ticker symbol GME, surged 93% in the premarket, hitting a high of $45.73. According to a report from an X user, this price increase translated to approximately $300 million in value for their position. If GameStop’s stock were to reach the $70 range, the worth of Gill’s position would exceed $1 billion.

Solana-Based GME Jumps 300%

As a researcher exploring the impact of Roaring Kitty’s influence on the cryptocurrency market, I discovered that his actions drew significant attention to Solana’s memecoin named GME. This digital asset was launched in February 2024 as a commemorative token, inspired by GameStop’s memorable meme stock event from 2021.

When the trader re-entered the crypto market on May 13, Solana’s GME experienced a significant spike of approximately 3921% in value. The token initially jumped from being traded at $0.0004914 to reaching a peak price of $0.01976. Subsequently, its value retreated and settled within the $0.0035 price range within the subsequent days.

As Roaring Kitty’s posts ceased, Solana’s memecoin fluctuated around $0.0035 to $0.0040. However, a new post from Gill ignited a significant surge in market attention for the token, leading to an incredible 1,500% increase and boasting a daily trading volume of impressive $237 million.

As an analyst, I’ve observed a significant price surge for this token. The value has more than tripled since the recent posts by the trader, climbing from $0.003907 to an current price of $0.01594 as of Monday’s start.

Based on a report from Lookonchain, it appears that a shrewd trader holding large amounts (whale) of GameStop (GME) stock has been reaping substantial profits. This person has demonstrated a pattern of purchasing Solana’s GME at reduced prices and subsequently selling them for higher returns.

In February, a trader purchased 68 million GME for approximately $165,000 by spending 1,409 Solana (SOL). This transaction took place during the token’s initial price drop. Subsequently, after Gill’s first return, the trader sold off 35 million GME and received around 3,447 SOL in return, which was equivalent to a value of approximately $503,000.

As an analyst, I would rephrase it as follows: When the price of those tokens dipped to $0.0067, I, as a trader, purchased an additional 78.57 million tokens worth approximately 3,059 SOL. At that moment, my unrealized profits amounted to around $593,000. Post Roaring Kitty’s second comeback, my holdings of GME tokens reached 108 million.

I currently hold cryptocurrencies valued at approximately $1.5 million, with my most profitable position being a memecoin based on the Solana blockchain. This investment has yet to be realized, yielding an impressive potential profit of about $1.37 million.

Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kitty’s Return

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2024-06-03 22:35