GameStop Corp Share Price Surges Following Roaring Kitty's Reddit Disclosures

GameStop Corp (NYSE: GME) has experienced a significant surge in its share price after a Reddit account associated with the meme stock frenzy of 2021 revealed trading details and positions. This surge also translated into a rally in the meme token inspired by GameStop.

GameStop's Future Prospects

Recent reports indicate that Keith Gill, popularly known as 'Roaring Kitty,' has once again stirred excitement in the stock market by publicly disclosing his investments in GameStop. Gill, utilizing Reddit as his platform, shared details of his current positions.

Gill made a post on the r/SuperStonk subreddit, disclosing ownership of GameStop shares valued at over $115.7 million. Additionally, he revealed holding call options worth about $65.7 million, set to expire on June 21, with a strike price of $20 each.

This disclosure had an immediate impact on GameStop's stock price, leading to a rapid 19% overnight increase. Subsequently, the stock has surged by over 72% during premarket trading, marking a 25% increase over the last 5 trading sessions, with an average trading price of $23.14. The stock's behavior upon market opening on Monday is anticipated with keen interest.

Meme Cryptocurrency Market on the Rise

A parallel surge is evident in the meme cryptocurrency realm. GME coin, operating on Solana (SOL) blockchain, pays homage to the 2021 GameStop short squeeze incident. GME token has seen a remarkable growth of over 220% in the past 24 hours, translating to a 2000% surge in the last month.

The GameStop crypto is currently trading at an average price of $0.0119. Its 24-hour trading volume has spiked by 1236% to reach $259.3 million, with a market capitalization of $81.5 billion.

In the broader meme crypto market, there has been a 4% increase over the last day, with a 33% rise in 24-hour trading volume, amounting to $7.19 billion.

Roaring Kitty's Influence

Keith Gill's reemergence on social media three weeks ago sparked a similar uptrend in GameStop shares, which had already doubled in May. His presence continues to hold sway over the Reddit trading community and retail investors.