Meme Coins Skyrocket as The Roaring Kitty Announces YouTube Livestream

BeInCrypto2024/06/07 06:46

By:BeInCrypto

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Meme coins are experiencing a significant surge after an announcement by Keith Gill, widely known as Roaring Kitty or DeepF**kingValue. Gill revealed plans for an upcoming YouTube livestream scheduled for June 7 at 16:00 UTC.

This announcement ignited an immediate and explosive reaction in the crypto and stock markets.

Roaring Kitty on the Way to Become a Billionaire

Specifically, Solana blockchain -based tokens like GME, AMC, and KITTY have substantially increased. GME meme coin , unrelated to the GameStop (GME) company, has experienced the most remarkable rise, soaring 110% in just 24 hours and accumulating a staggering 560% increase over the past week.

Consequently, GME has become one of the top performers among all Solana-based meme coins . Traders are considering the GME meme coin as an alternative to the GME shares in case there are restrictions on trading the shares.

Furthermore, GameStop shares surged by 47.5% in a single day, with the price per share reaching $46.55. According to a screenshot shared by Gill, the notional value of his stake in GME stocks now exceeds $586 million.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

This includes his holdings of 5 million shares, valued at over $232.75 million, and call options worth more than $324.30 million. Gill’s unrealized gains from these investments total approximately $382.51 million.

“Roaring Kitty is set to be a billionaire as GameStop stock, GME, surges to $67.50/share in after-hours trading. If GME opens at or above current levels tomorrow, his shares will be worth ~$325 million, and options worth ~$700 million for a combined ~$1 billion,” the Kobeissi Letter said .

This financial juggernaut began to gather momentum on June 2. On that day, Gill disclosed on Reddit —his first post since April 2021—that his holdings in GME shares and call options had surpassed $180 million in notional value.

Additionally, the low market cap meme coin Roaring Kitty (KITTY) mirrored the explosive trajectory of GME, with an impressive 199% increase in a single day. Similarly, AMC tokens also felt the positive effects, nearly doubling in value. This indicates a broader market trend.

Encouraged by Gill’s announcement, crypto traders are aggressively acquiring positions in these high-risk assets.

According to Lookonchain, an on-chain analysis platform, there’s notable activity from major traders. One such investor, who owns the Solana wallet – coux7 , made significant investments in GME and KITTY coins.

Read more: How to Buy Book Of Meme (BOME) And Everything Else To Know

This trader allocated 5,000 Solana tokens (SOL) —worth approximately $850,000—to purchase 35.99 million GME coins. Moreover, he spent an additional 1,460 SOL—valued around $248,000—to acquire 8.6 million KITTY coins.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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