GameStop-Inspired Solana Memecoin Soars Over 80% as Roaring Kitty Flashes $586M Worth of GME Position

It's 2021 all over again as shares of video retailer GameStop (GME) soared Thursday after influential retail trader Keith Gill, better known under his RoaringKitty or DeepF--kingValue aliases, provided an update on his massive bet on the embattled stock.

According to a screenshot posted on Reddit, Gill's stock and options position is now worth some $586 million combined. He announced a YouTube livestream for Friday. GameStop shares closed Thursday's session 47% higher.

The action rippled through the digital asset market, too. Solana-based meme token GME, which was inspired by GameStop but has no affiliation with the company, surged more than 80% over the past 24 hours, CoinGecko data shows, despite the broader crypto market pulling back. The micro-cap AMC token, which shares the name of the troubled movie theater chain but similarly has no affiliation, also jumped 83%.

Gill, who rose to fame during the GameStop short squeeze in the pandemic years, sparked a frenzy for memecoins last month when he returned to social media after three years of silence. Since then, the GME token is up over 3,000% since mid-May and surpassed a $120 million market capitalization.

Read more: GameStop Stock, Meme Tokens Surge as User ‘DeepFu*kingValue’ Returns to Reddit

UPDATE: (June 7, 01:16 UTC): Fixes typo in subheadline.