GameStop Corp (NYSE: GME) share price is soaring massively after the Reddit account that moved the meme stock madness of 2021 disclosed its trading details and positions. As the stock market moves, a similar kind of surge can be seen in the meme token named after GameStop.
GameStop to hit a new high soon?
As per reports, Keith Gill who is famously known as “Roaring Kitty” has once again poured excitement into the stock market by revealing his investment in GameStop. He chooses Reddit to reveal his latest positions.
Gill posted on the r/SuperStonk subreddit and disclosed that he owns over $115.7 million worth of GameStop shares. However, the trending trader declared that he holds about $65.7 million in call options which are set to expire on June 21. The strike price stands at $20 each.
It is important to note that this announcement had an immediate impact on GameStop’s stock price. The stock price jumped by more than 19% overnight, while it is now up by over 72% in premarket trading. GME share price has now surged by 25% in the last 5 trading days to trade at an average price of $23.14. It will be crucial to see where its price might go when trading opens on Monday.
Meme cryptos to rally?
The same kind of pump can be seen in the meme crypto market. GME coin built on Solana (SOL) is a meme paying tribute to the 2021 short squeeze of GameStop. GME surged by more than 220% in the last 24 hours. This surge has led it to jump by more than 2000% in the last 30 days.
GameStop crypto is trading at an average price of $0.0119, at the press time. Its 24 hour trading volume is up by 1236% to stand at $259.3 million. Its market cap stands at $81.5 billion.
However, the meme crypto market recorded a jump of around 4% over the last day. Its 24 hour trading volume is up by 33% to stand at $7.19 billion.
This is not the first time Gill has led to such a market movement. His return to social media three weeks ago had already triggered a rally in GameStop shares and it has surged to more than doubled in May. His influence continues to resonate with the Reddit trading community and retail investors.
