ROAR spikes 300% following Roaring Kitty’s GameStop announcment

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.