After two peaceful weeks, Roaring Kitty’s latest roar has rocked the cryptocurrency market. A high-profile trader has once again set the world on fire by revealing that he owns a significant 5 million GameStop shares. Following his posts, GameStop shares surged 90% in the pre-market, and the Solana-based tribute token, GME, skyrocketed 300%.
Roaring Kitty’s return to Reddit sets the market on fire
On Sunday evening, Keith Gills, aka Roaring Kitty, returned from a two-week break. 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 revealed that Gill owns 5 million shares of GameStop worth approximately $115 million. Additionally, it has $65 million worth of GME option calls with a $21 strike expiring on June 21.
This revelation apparently immediately blocked order flow as the number of investors trying to buy GME shares skyrocketed. As one X user informedorders were canceled even “in the case of a high-risk inquiry.”
By investment tests platform Quiver Quantitative, Roaring Kitty’s fortune may exceed that of former House Speaker Nancy Pelosi, depending on how GME behaves on Monday.
At the time of the post, Gill held a position at GME and had a net worth of $210 million. Meanwhile, Pelosi’s estimated net worth is around $245 million, making her the second-richest American politician on Quiver’s list.
Early Monday, GameStop’s GME price surged 93% in pre-open trading, hitting $45.73. How reported by user X, based on the pre-market price, his position increased by approximately $300 million. If GME reaches $70, Gill’s position will be worth more than $1 billion.
Solana-Based GME Jumps 300%
The Roaring Kitty ripple effect also brought attention to Solana-based memecoin GME. Solana’s GME was launched in February 2024 as a tribute to the 2021 GameStop meme stock event.
During the trader’s first return to the cryptocurrency space on May 13, Solana’s GME was up 3,921%. The token moved from a price of $0.0004914 to $0.01976 before returning to the price range of $0.0035 in the following days.
When Roaring Kitty went peaceful, Solana memecoin hovered between $0.0035 and $0.0040. However, Gill’s latest post increased market interest in the token by 1,500%, with a daily trading volume of $237 million.
Moreover, the token’s value has increased by over 300% since the trader’s posts were published, from USD 0.003907 to USD 0.01594 at the beginning of Monday.
Lookonchain reported that the GME whale’s shrewd trading move paid off. According to the post, the whale has demonstrated experience in buying Solana’s GME at low prices and selling it at high prices.
In February, a trader spent 1,409 Solana (SOL), worth about $165,000, to purchase 68 million GME after the token’s first price drop. After Gill’s first return, the trader sold $35 million of GME for 3,447 SOL, worth about $503,000.
This trader bought another 78.57 million tokens worth 3,059 SOL as the price dropped to $0.0067. At that time, the whale had unrealized profits of approximately $593,000. After Roaring Kitty’s second comeback, the trader holds 108 million GME tokens.
His current shares are worth approximately $1.5 million and represent an unrealized profit of $1.37 million on the Solana-based memecoin.
Featured image from Unsplash.com, chart from TradingView.com
