GameStop Meme Coin Rallies 50% Amid Roaring Kitty Video Countdown And Market Manipulation Debate

The GameStop GME/USD meme coin rallied in Thursday trading after Roaring Kitty’s position attracted further attention for potential market manipulation.

What Happened: Roaring Kitty will host his first YouTube livestream in three years on Friday, sending the price of GameStop GME stock price higher. Roaring Kitty has launched a video countdown for the stream.

The GameStop meme coin has rallied over 50% in the past 24 hours and trades above $110 million in market capitalization per DexScreener data.

Technical analyst TheBronxViking noted that GME (the stock) had "over $22 million in calls added today and almost $11 million in puts closed"

Crypto market news provider Unusual Whales noted in a recent tweet that Roaring Kitty's GameStop shares are now worth $200 million.

BREAKING: Roaring Kitty, aka DeepFuckingValue, has not sold his $20 calls for June 21st on GameStop's, $GME, price increase.

He was peak now up 341%, making his option positions worth $301,200,000(!!!!) from only $68,000,000.

His shares are worth $200,000,000!!! pic.twitter.com/44iyLFYTxO

— unusual_whales (@unusual_whales) June 6, 2024

Heavily followed investor John Trades MBA is curious if Roaring Kitty may sell his five million shares on his Friday stream.

Also Read: GameStop-Themed Cryptocurrency Surges Following Roaring Kitty’s Social Media Activity

Why It Matters: The GameStop stock and meme coin initiated their rallies after Roaring Kitty began posting on his X account for the first time in three years. The stock and meme coin experienced volatile trading, as Keith Gill shared a series of memes and videos on the account over several days.

Following the disclosure of his position in GME, a debate was sparked over whether Gill is leveraging a loophole in market regulations.

The GameStop stock is scheduled to report its first quarter earnings on June 11, likely impacting the price of the stock and meme coin alike.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Roaring Kitty Return Yields Investor $300K Unrealized Profit On Ethereum-Based GME Meme Coin

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