GameStop (GME) stock is up 72% pre-market, with the recent surge coming after Keith Gill, popularly known as “Roaring Kitty,” revealed an over $180 million position in the stock.
Roaring Kitty became popular after influencing the 2021 GME meme stock. After being inactive on social media spaces since the meme stock saga, he recently made a return on both Twitter and Reddit.
In the first post on his “DeepFuckingValue” Reddit account since April 2021, Gill posted a screenshot showing his investment in GameStop.
The screenshot shows he bought 5 million GME shares for $115.7 million and $65.7 million in call options. The screenshot also shows he has made over $9.3 million profit in his GME holdings, while the loss on his call options stands at nearly $2.5 million.
He believes the stock could jump to $20 a share by June 21. The post has seen the GME stock gain to record highs.
Since returning to the limelight in May, Gill has created posts and memes. His activity on social platforms has seen GME stock witness a spike in volatility.
Besides posting on Reddit, Gill also posted on X. His post displayed a UNO reverse card. This card demonstrated the direction of play in the card gain. This card has amassed popularity in the meme space to indicate a comeback or retribution.
Gill did not attach any text or explanation to the card image. The tweet has already amassed nearly $6 million views. It has also received 16,000 retweets and 58,000 likes.
Roaring Kitty Reignites the GameStop Shares Rally
Gill is seen as the force behind the GameStop saga that saw top hedge funds on Wall Street post losses after a short squeeze. The events led to the creation of meme stocks, which are as volatile as meme coins as they react to retail interest.
In 2021, Gill took to Reddit to reveal how hedge funds were shorting GameStop shares without any valid reason. He rallied retail investors on Reddit to buy the GME stock, which saw the price shoot up, forcing hedge funds to rush to close their short positions.
The actions of retail investors at the time saw GME jump by more than 1,000% in less than one month. It also saw the stock temporarily halted on Robinhood.
During the 2021 saga, Gill used to post on the r/wallstreetbets subreddit. However, he is no longer associated with the subreddit. One of the moderators on the platform has also stated that it is no longer a GameStop subreddit.
Gill’s influence over meme stocks is also associated with growing interest in meme coins. A meme coin, GME, which runs on the Solana blockchain, has seen a price gain of over 200%. The meme coin now has a market cap of $93 million.
