The popular meme stock trader has also influenced GameStop-inspired meme coins on various chains amid ongoing crypto bullish sentiments.
GameStop Corp (NYSE: GME) stock surged 47 percent on Thursday to close the day trading at $46.55. The meme stock continued with bullish sentiments during the after-hours session, whereby the latest market data shows GME shares surged over 31 percent to trade around $61.27. The notable GME stock surge in the past 24 hours has been attributed to heightened social media activity from Keith Gill alias Roaring Kitty.
Notably, Gill has scheduled a YouTube livestream today, which has attracted significant attention from his followers. Furthermore, Gill’s GME portfolio has triggered a major short squeeze that wiped out $2.1 billion from short sellers on Thursday.
As a result, Gill is set to clinch the billionaire status after the stock exchanges open trading on Friday. According to Gill’s GME portfolio, his stock’s value eclipsed to around $325 million while his call options surged to about $699.6 million. Moreover, Gill posted a screenshot of his GME portfolio that showed he gained over $250 million on Thursday, with the largest contributor coming from his call options.
🚨🇺🇸BREAKING: 'ROARING KITTY' SET TO BECOME BILLIONAIRE AS GAMESTOP STOCK SURGES
As GameStop ($GME) stock soars to $67.50/share in after-hours trading, "Roaring Kitty," the investor who helped spark the meme stock frenzy, is poised to become a billionaire.
If $GME opens at or… https://t.co/VXJMWwFvXW pic.twitter.com/tpwyVytyWE
— Mario Nawfal (@MarioNawfal) June 7, 2024
Earlier this month, media outlet Reuters reported that top regulators from Massachusetts are probing the GameStop trading activities of Gill. However, law experts have argued that Gill has been exploiting a regulatory gap, thus the SEC might not have anything against the meme stock trader.
Furthermore, the US SEC investigated Gill’s trading activities following the 2021 GME parabolic rally but never found anything incriminating.
Lawyers say it would be tough for the SEC to bring a market-manipulation case against Keith Gill, based on what’s currently known about his GME trades. “What he’s doing is exploiting a gap in the rules” https://t.co/KxEUDOOCze
— Alexander Osipovich (@aosipovich) June 6, 2024
Market Implication on GameStop Rally
Following the notable GameStop stock pump, speculative investors rushed to meme coins with similar traits to ride the heated frenzy. Moreover, GME stock trading is often temporarily halted due to heightened volatility and meets regulatory requirements.
As Coinspeaker previously pointed out, the re-emergence of Gill on various social media platforms has triggered a fresh meme coin frenzy. Already, the meme coin industry had experienced a palpable rally led by Solana-based projects, Pepe (PEPE) and Floki Inu (FLOKI).
According to the latest crypto oracles, Solana-based GME meme coin surged over 135 percent in the last 24 hours to trade about $0.0282 on Friday during the London session. Notably, the Solana-based GME has pumped over 5500 percent in the past four weeks to a total market cap of about $191 million, and a 24-hour average traded volume of around $318 million.
Similarly, Ethereum-based GME stock surged more than 140 percent in the past 24 hours to hover around $0.000085 on Friday. The Base-built GME surged over 180 percent in the past 24 hours to trade around $0.0617 at the time of this report.
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