The ROAR meme coin’s value increased by more than 300% this morning, driven by social media influencer Roaring Kitty’s announcement of GameStop stock holdings.
The ROAR meme coin, associated with social media influencer Roaring Kitty, saw a surprising increase in value this morning, soaring by 307.4% to reach $0.001643, according to CoinGecko.
Roaring Kitty and the bullish 5 million shares
The surge comes from influential developments involving Roaring Kitty, also known as Keith Gill, who posted a screenshot on Reddit suggesting a massive holding of GameStop stock and options. Based on Friday’s closing price, Gill’s post revealed his ownership of 5 million GameStop shares, valued at approximately $116 million.
Gill’s disclosure had a quick and deep impact, driving GameStop’s stock up by over 100% at its peak on Monday before settling to an 88% increase in pre-market trading. At its height, GameStop shares reached $43.57, reflecting a renewed enthusiasm among meme stock investors.
The rally in GameStop shares and Gill’s strategic social media activity, notably including a cryptic post featuring the Uno reverse card, reignited interest in meme stocks. These stocks, typically defined by influential price volatility driven by online popularity rather than company performance, have become a focal point for individual investors.
GameStop itself has been volatile, selling 45 million shares for $933.4 million last month while warning investors of potential significant losses. Despite the recent surge, the company faces projected quarterly sales declines and continued net losses.
$GME currently sits at $30.47 per share, with over $118 million daily volume.
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