GameStop’s meme-coin has grown sharply by 300%

Editor’s note: not financial advice!

Cryptocurrency trader Keith Gill, also known as «Roaring Kitty,» who was linked to the shorting of the GameStop meme token in 2021, reappeared on social media on Sunday, June 2. Its return caused a huge stir in the meme coin market, with a particularly strong reaction from the virtual coin GME, based on the Solana network SOL $255.63 Solana -0.15% Market capitalization $121.34 billion VOL. 24 hours $1.29 billion .

According to CoinMarketCap, the value of the digital asset has more than tripled, and its market capitalization has exceeded $ 100 million — a 300% jump in the last few hours. At the time of writing, the price of GME was around $ 0.0147. Trading volumes have increased more than sixfold and exceeded $ 150 million.

Keith Gill also appeared on Reddit for the first time since April last year, posting a screenshot showing the purchase of 5 million GME shares for $ 115.7 million and an investment of $ 65.7 million in call options with the expectation that the GME share price would reach at least $ 20 by June 21.

After the post was published on Reddit, GameStop shares reacted quickly, and within 20 minutes, their price soared by 19.19% to $ 27.5. Prior to this event, GameStop shares closed at $ 23.14, up 38.8% since the beginning of the year, according to Google Finance.

No Worries strongly advises readers not to invest in dubious crypto projects and little-known digital assets!