GameStop (GME) experienced a significant increase in value, rising over 19% in overnight trading after Keith Gill, also known as “Roaring Kitty,” revealed his substantial investment in the company’s stock and call options. Gill is renowned for his influence during the 2021 GME short squeeze, a major event in stock trading history.
On June 2, Keith Gill posted a screenshot on Reddit, showing that he holds $181.4 million worth of GME stock and call options. The screenshot indicated that he purchased 5 million GME shares, valued at $115.7 million, and invested an additional $65.7 million in call options. These call options suggest Gill is betting that GME’s price will be at least $20 per share by June 21.
Following Gill’s disclosure, the price of GME saw substantial increases. GameStop Corp (GME) closed at $23.14 on May 31, showing a 2.34% increase for the day. After hours, the price adjusted slightly to $22.91, down 0.99%.
At the time of reporting, GME’s price on Coingecko was $0.01553 with a 24-hour trading volume of $184,073,333.76. This price represents a remarkable 283% increase in the last 24 hours and a 312% increase over the past seven days. With a circulating supply of 6.9 billion GME, the market capitalization of GME stands at $80,402,013.
Solana Struggles to Sustain Gains Despite Market VolatilityOver the past seven days, GME has outperformed both the global cryptocurrency market and other meme cryptocurrencies. While the global cryptocurrency market experienced a decline of -1.60%, GME’s price increased by 272.80%. In comparison to similar meme cryptocurrencies, which saw an average increase of 2.50%, GME’s performance is particularly noteworthy.
The surge in GME’s stock price following Keith Gill’s investment highlights the continued influence of individual investors on market movements. Gill’s substantial investment in GME stock and call options signals strong confidence in the company’s potential for growth. As market participants react to these developments, GME’s performance will be closely monitored in the coming days.
