A Solana-based meme coin inspired by GameStop has surged over 80% following a high-profile move by influential retail investor Keith Gill, also known as Roaring Kitty, who disclosed a staggering $586 million position in GameStop (GME).
The Solana meme coin, fueled by the meme stock frenzy, saw a significant rise in value as traders responded to Gill’s substantial GME stake. This cryptocurrency, built on the Solana blockchain, has quickly gained traction in the market, mirroring the remarkable stock price movements of GameStop.
The meme coin’s impressive rally is part of a broader trend where meme coins and stocks often experience correlated price movements, driven by investor sentiment and social media hype. The recent surge in the GameStop-inspired Solana meme coin underscores the ongoing influence of prominent figures like Roaring Kitty in the financial markets, and the growing intersection between traditional stocks and the world of cryptocurrencies.
Shares of GameStop soared 47% on Thursday, reminiscent of the 2021 retail trading frenzy, after influential trader Keith Gill, known as Roaring Kitty and DeepF–kingValue, provided an update on his substantial investment in the struggling video game retailer.
Gill’s stock and options position is now valued at approximately $586 million, according to a screenshot posted on Reddit. He also announced a YouTube livestream scheduled for Friday. This news propelled GameStop shares to close the session significantly higher.
The excitement spilled over into the digital asset market as well. The Solana-based meme token GME, inspired by GameStop but not affiliated with the company, skyrocketed over 80% in the past 24 hours, according to CoinGecko. The AMC token, named after the troubled movie theater chain and also unaffiliated, surged 83%.
Gill, who gained fame during the GameStop short squeeze during the pandemic, reignited interest in meme coins last month after returning to social media following a three-year hiatus. Since mid-May, the GME token has soared over 3,000%, reaching a market capitalization of $120 million.
