A Solana-based memecoin, GameStop (GME), which rose to fame during the Mania of the 2021 short squeeze, has risen by 300% within one day, rising from $0.004 to $0.016.
Currently, it is trading at $0. 01416, and it has a market capitalization that stands at roughly $91 million, which is coupled with a daily trading volume of a 1,120% increase to more than $223 million.
Keith Gill, or “Roaring Kitty,” was back posting on social media for the first time since the previous month’s stock market mayhem. Gill’s post on Reddit showed that they had a holding of $181 million worth of GME stock and call options.
Gill disclosed a purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options, anticipating GME to reach $20 a share by June 21. Despite a loss on his call options, his GME holdings gained over $9.3 million.
Following Gill’s post, GME experienced a 19.19% surge in just 20 minutes on Robinhood’s overnight markets, reaching $27.58. This momentum added to GameStop’s 38.8% increase in shares for the year, driven by Gill’s return.
Amid broader market consolidation, the meme coin sector has shown strength, particularly in April and May. While top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have stabilized, others like Pepe Coin (PEPE) and Dogwifhat (WIF) have delivered substantial returns.
GameStop (GME) and similar stocks continue to defy traditional wealth creation principles, capturing attention for their potential to turn ordinary investors into millionaires. The ongoing narrative of GME and meme coins presents significant potential for investors in this quarter.
This news highlights the resurgence of interest in GameStop and the meme coin sector, driven by notable figures like Keith Gill, and suggests a potential rally for meme coins soon.
Also Read: Robinhood Moves Close to Settle GameStop Meme Stocks Suit
