It’s a flashback to 2021 as shares of video retailer GameStop (GME) soared on Thursday. This spike occurred after influential retail trader Keith Gill, also known by his aliases RoaringKitty and DeepF–kingValue, updated his substantial investment in the struggling stock.
Keith Gill’s Massive Bet
A screenshot posted on Reddit revealed that Gill’s stock and options position is now valued at approximately $586 million combined. Additionally, he announced a YouTube livestream scheduled for Friday. Consequently, GameStop shares closed Thursday’s session 47% higher.
Roaring Kitty, DeepFuckingValue has updated his GameStop, $GME position.
— unusual_whales (@unusual_whales) June 6, 2024
He is worth now over $586 MILLION, with a 219% gain so far. pic.twitter.com/OM7nMayCvZ
Ripple Effect on Digital Assets
The surge in GameStop shares impacted the digital asset market as well. The Solana-based meme token GME, inspired by GameStop but unaffiliated with the company, surged over 80% in the past 24 hours, according to CoinGecko data. This rise occurred despite a broader crypto market pullback. Similarly, the micro-cap AMC token, sharing its name with the troubled movie theater chain but also unaffiliated, jumped 83%.
Influence of Gill’s Social Media Return
Gill, who gained fame during the GameStop short squeeze in the pandemic years, reignited interest in memecoins last month by returning to social media after three years of silence. Since his return, the GME token has surged over 3,000% since mid-May, surpassing a $120 million market capitalization.
