Roaring Kitty’s Return To Reddit Sets Market On Fire
On Sunday night, Keith Gills, known as Roaring Kitty, returned from a two-week hiatus. 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 unveiled that Gill owns 5 million GameStop shares, worth around $115 million. Additionally, he has $65 million worth of GME option calls with a $21 strike expiring on June 21.Solana-Based GME Jumps 300%
Roaring Kitty’s ripple effect also drove attention to the Solana-based memecoin GME. Solana’s GME was launched in February 2024 as a tribute to GameStop’s meme stock event from 2021. During the trader’s first return to the crypto space on May 13, Solana’s GME saw a surge of 3,921%. The token went from trading for $0.0004914 to $0.01976 before retracing to the $0.0035 price range in the following days.As Roaring Kitty went silent, the Solana memecoin hovered between $0.0035-$0.0040. However, Gill’s latest post has fueled market interest in the token by 1,500%, with a daily trading volume of $237 million.
Moreover, the token has increased by over 300% since the trader’s posts, going from $0.003907 to $0.01594 as Monday started. Lookonchain that a GME whale’s smart trading move was paying off. According to the post, a whale has shown a track record of buying Solana’s GME at low prices and selling it at highs.In February, a trader spent 1,409 Solana (SOL), worth around $165,000, to buy 68 million GME following the token’s first price drop. After Gill’s first comeback, the trader sold $35 million GME for 3,447 SOL, worth around $503,000.
This trader bought another 78.57 million tokens worth 3,059 SOL when the price fell to $0.0067. At the time, the whale had around $593,000 in unrealized profits. Following Roaring Kitty’s second return, the trader’s holdings of 108 million GME tokens. His current holdings are worth around $1.5 million and represent an unrealized profit of $1.37 million on the Solana-based memecoin.