Solana meme coin GME has sparked a market frenzy! The GameStock token exploded after ‘Roaring Kitty’ a.k.a Keith Gill, revealed that he owns over $115.7 million worth of shares in the video gaming retailer. Apart from the shares, the influential investor, recently posted a screenshot on r/SuperStonk subreddit, divulging, that he also has about $65.7 million in call options expiring on June 21 with a strike price of $20 each. With this, his total position came close to $200 million in Gamestop.
Taking advantage of the hype, an anonymous trader bought $1.61 million worth of the GME in a single transaction. Data from DEX Screener showed that the mystery investor made the massive purchase significantly impacting the token’s price and trading volume. The chart also captured the price movement on Solana AMM Raydium, showing a dramatic spike around 20:00 UTC. Here, it can be seen that the price jumped to a high of $0.02891 before stabilizing around $0.01526.
The transaction consists of buying a total of 105,359,075 GME tokens in exchange for 9,688 SOL, highlighting the growing popularity of GME. This move could be indicative of larger trends in the crypto market, where meme tokens continue to attract significant attention and investment. This sudden surge in volume and price showcases the rising vote of confidence in the meme coin market.
GME Buzz: Keith Gill Faces ETrade Ban
However, not everyone is pleased with Keith Gill’s acquisitions of GameStop stock. ETrade, a prominent retail stock trading firm, is considering removing him from its platform due to concerns about potential stock manipulation. However, meme coin enthusiasts believe that punishing a retail investor for disclosing his position is unwarranted.
Others echoed the sentiment accusing Hedge funds of far worse behavior that includes leveraging their substantial financial power to manipulate markets, influence company strategies, and even disrupt economies to achieve outsized returns.
However, when market dynamics (apes HODL) shift unfavorably, these same hedge funds frequently adopt a victim mentality, decrying market inefficiencies or regulatory overreach. This dichotomy highlights their propensity to wield power unilaterally while expecting sympathy and bailouts during downturns, underscoring a dissonance between their actions and their reactions to loss.