Meme coins caught new life referencing GameStop, whose stock became a “meme stock.” That came after latest social media posts by YouTube streamer Keith Gill, known more commonly as Roaring Kitty, this Thursday. He announced updates to his bet on GameStop stocks and options under the ticker GME, now totaling $586 million, fueling the meme coin rally
GameStop Meme Coin Rally: From Tweets to Billionaire Bets
The pros from 10xResearch computed that, if in the growth of shares, Gill bet on up to $70—the trader would become a billionaire. According to May 7, the price of GameStop shares is $46.5.
After Gill published his tweet, the meme token GME based on the Solana blockchain increased 140% over the past day. Its market capitalization reached over 180 million dollars, and over 24 hours of trading volume reached 360 million dollars. The meme coin is not connected to GameStop, though it’s also using precisely the same ticker on the exchange as GameStop, highlighting the meme coin rally.
Gill became famous in 2021 for posting videos that investors took as a buy signal for GameStop shares. GameStop shares went from $20 to $483 in two weeks, thus getting the name meme stocks in January 2021. They even made a film about “Dumb Money.
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