After two silent weeks, Roaring Kittyโs latest roar has shaken the crypto market. The renowned trader has again set the world ablaze after revealing his substantial 5 million GameStop shares holdings. Following his posts, GameStopโs shares soared in the premarket by 90%, and the Solana-based tribute token, GME, skyrocketed by 300%.
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Roaring Kittyโs 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 Kittyโs โGME YOLO Updateโ 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.
The revelation seemingly congested the order flow immediately as the volume of investors trying to buy GME Shares skyrocketed. As one X user informed, orders were being canceled, even โwhen you put in a high-risk ask.โ
According to the investment research platform Quiver Quantitative, Roaring Kittyโs net worth could surpass former House Speaker Nancy Pelosiโs, depending on how GME moves this Monday.
Gillโs GME position sat him at a $210 million net worth at the time of the post. Meanwhile, Pelosiโs estimated net worth rounds the $245 million mark, making her the second-richest US politician on Quiverโs list.
At the start of Monday, GameStopโs GME price had risen 93% at the premarket open, reaching $45.73. As reported by an X user, based on the premarket price, his position increased by around $300 million. If GME reaches the $70 range, Gillโs position would be worth over $1 billion.
Solana-Based GME Jumps 300%
Roaring Kittyโs ripple effect also drove attention to the Solana-based memecoin GME. Solanaโs GME was launched in February 2024 as a tribute to GameStopโs meme stock event from 2021.
During the traderโs first return to the crypto space on May 13, Solanaโs 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, Gillโs 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 traderโs posts, going from $0.003907 to $0.01594 as Monday started.
Lookonchain reported that a GME whaleโs smart trading move was paying off. According to the post, a whale has shown a track record of buying Solanaโs 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 tokenโs first price drop. After Gillโs first comeback, the trader sold $35 million GME for 3,447 SOL, worth around $503,000.
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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 Kittyโs second return, the traderโs 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.
Featured Image from Unsplash.com, Chart from TradingView.com
