GameStop Shares Skyrocket as Keith Gill Updates Massive Bet

GameStop (GME) shares saw a sharp increase on Thursday, evoking memories of the 2021 stock market mania. Important retail trader Keith Gill, sometimes referred to as RoaringKitty or DeepF–kingValue, caused a huge commotion in the market when he revealed an update on his sizeable investment in the struggling video shop.

As per a snapshot shared on Reddit, Gill’s holding of GameStop stock and options is currently estimated to be worth $586 million. This information was made public concurrently with the news of a Friday YouTube broadcast. GameStop’s stock surged on the announcement, rising 47% at the end of the trading day on Thursday.

Ripple Effect in the Digital Asset Market

Gill’s update had a notable impact beyond the stock market, extending into the digital asset arena. The Solana-based meme token GME, inspired by GameStop but unaffiliated with the company, saw a remarkable 80% increase over the past 24 hours, according to CoinMarketCap data. This surge occurred despite a general pullback in the broader cryptocurrency market. Similarly, the micro-cap AMC token, named after the struggling movie theater chain but also unaffiliated, experienced an 83% jump.

Gill, who gained fame during the GameStop short squeeze during the pandemic years, reignited interest in memecoins last month after returning to social media following a three-year hiatus. Since his return, the GME token has skyrocketed over 3,000% since mid-May, reaching a market capitalization exceeding $120 million.

Gill’s influence continues to drive significant market movements, demonstrating the power of retail traders and social media in today’s financial landscape. The remarkable rise in GameStop shares and associated digital assets underscores the ongoing fascination with memecoins and the potential for rapid, dramatic shifts in value.

Investors and market watchers alike will be closely monitoring Gill’s upcoming YouTube livestream for further insights and potential market impacts. As the memecoin frenzy continues, the financial community remains on high alert for the next big move.