GameStop (GME) Meme Coin Surges 300% in One Day

An American video game retailer, GameStop (GME) has experienced a surge in popularity as a result of its association with the short squeeze in 2021. The company's meme coin has recently seen a remarkable rise of 300% within a single day, climbing from $0.004 to $0.016.

Currently trading at $0.01326, GameStop's market capitalization stands at approximately $91 million. The daily trading volume has also witnessed an increase of 1,120%, reaching more than $223 million.

Keith Gill, also known as "Roaring Kitty," has made a reappearance on social media for the first time since the stock market frenzy last month. Gill's post on Reddit indicated that they held $181 million in GME stocks and call options.

Gill disclosed a purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options, with an anticipation of GME reaching $20 per share by June 21. Despite a loss on his call options, Gill's GME holdings gained over $9.3 million.

Following Gill's post, GME experienced a rapid surge of 19.19% in just 20 minutes on Robinhood's overnight markets, reaching $27.58. This momentum contributed to GameStop's year-to-date increase of 38.8% in shares, largely attributed to Gill's return.

The meme coin sector has exhibited resilience amid broader market consolidation, particularly in April and May. While top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have stabilized, others like Pepe Coin (PEPE) and Dogwifhat (WIF) have generated significant returns.

GameStop (GME) and similar stocks continue to challenge conventional investment principles, drawing attention for their potential to transform ordinary investors into millionaires. The ongoing narrative surrounding GME and meme coins presents significant opportunities for investors in the upcoming quarter.

This resurgence of interest in GameStop and the meme coin sector, driven by notable figures like Keith Gill, indicates a potential rally for meme coins in the near future.