- The statement this morning by social media influencer Roaring Kitty that she owns stock in GameStop propelled the value of the ROAR meme coin to rise by almost 300%.
According to CoinGecko, the value of the ROAR meme coin—which is linked to social media influencer Roaring Kitty—surpassed expectations this morning, jumping by 307.4% to reach $0.001643.
Kitty roaring and the optimistic 5 million shares
The significant developments surrounding Keith Gill, better known online as Roaring Kitty, who shared a screenshot on Reddit indicating a substantial holding of GameStop stock and options, are the source of the spike. Gill disclosed in his post that he owned 5 million GameStop shares, which are worth around $116 million, based on Friday’s closing price.
Gill’s revelation had an immediate and profound effect, sending GameStop’s stock up more than 100% at its highest on Monday and ultimately settling at an 88% gain in pre-market trade. At its peak, GameStop’s stock hit $43.57, indicating that meme stock investors were once again enthusiastic.
Interest in meme stocks was rekindled by the surge in GameStop shares and Gill’s astute social media posts, which included one that hinted at the Uno reverse card.
These stocks have grown popular among individual investors due to their significant price volatility, which is usually caused by internet popularity rather than company success.
In the past month, GameStop sold 45 million shares for $933.4 million, but not before cautioning investors that they could suffer large losses. The business is expected to see quarterly sales decreases and ongoing net losses notwithstanding the recent upswing.
At present, $GME is trading at $30.47 per share, with a daily volume over $118 million.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
