GameStop and GME Token Surge Amid Roaring Kitty’s Return

GameStop’s stock price witnessed a significant surge in pre-market trading this Monday, following the unexpected return of iconic bull trader Roaring Kitty on Sunday night. Although the stock’s momentum has tempered since the market opened, the excitement triggered a substantial increase in the price of the unofficial GME meme coin on the Solana blockchain.

Over the past 24 hours, the GME token has skyrocketed by 150%, peaking at around $0.016 late Sunday—its highest level in more than two weeks—before settling at approximately $0.01. This surge in the meme coin’s price coincided with a dramatic increase in trading volume, jumping from $15 million to a staggering $280 million, pushing the token’s market cap to $68 million.

Meanwhile, GameStop’s stock price nearly doubled from Friday’s closing under $23 to just over $40 at Monday’s opening. This price action was largely fueled by the return of Roaring Kitty, known in real life as Keith Gill or by his Reddit pseudonym DeepFuckingValue. His late Sunday tweet marked the end of a more than two-week hiatus from social media.

Roaring Kitty became a household name during 2021’s meme stock frenzy, when his online activity, including livestreams, tweets, and Reddit posts, contributed significantly to a meteoric rise in GameStop’s stock. His actions not only led to a substantial price surge but also triggered a short squeeze that inflicted heavy losses on hedge funds.

His mid-May reappearance briefly reignited interest in GameStop shares and the GME token, leading to sharp price increases. However, the buzz subsided once he reduced his social media presence after a week of sharing memes and movie clips.

Roaring Kitty’s latest tweet featured an Uno “reverse card,” a move followed by a Reddit disclosure that he currently holds over $200 million in GameStop shares and stock options. This revelation comes as GameStop short sellers face potential losses nearing $1 billion due to the significant pre-market price rally.

As of now, GameStop’s shares have receded to about $30, up 30% from Friday’s close but down 25% from the peak price on Monday. Correspondingly, the GME meme coin has also dipped, currently down over 40% from its Sunday night peak despite the overall 140% gain over the last day.