GameStop’s stock price plunged Friday following an early (and rough) Q1 earnings report release from the video game retailer. But the unofficial GME meme coin on Solana is still flying high this week, hitting an all-time high price just hours before influential trader Roaring Kitty (aka Keith Gill) holds his first livestream in three years.

GME, a GameStop tribute coin that launched back in January, is up 70% over the last 24 hours at a current price of $0.021, and now has jumped 467% on the week amid GameStop meme stock fever. The token has now spiked by over 5,000% since setting an all-time low price on April 30.

Overnight, the GME token popped to a new all-time high price of nearly $0.032. It’s now down by 33% since that peak. The $471 million in trading volume over the last 24 hours is the most ever tracked for the token, according to CoinGecko.

GameStop’s own shares are down sharply Friday, falling 25% since markets opened due in large part to the earlier-than-expected release of rough quarterly earnings. It’s currently priced at just under $35.

GameStop. Image: Shutterstock

GameStop Down 30% After Disappointing Q1 Report Released Early

For a while on Friday morning it looked as though the GameStop share price might rise high enough to make Keith Gill (better known as Roaring Kitty and DeepFuckingValue) into a billionaire before markets had even opened in the U.S. The meme stock trader and financial influencer has been sharing screenshots of his massive GME position in the Superstonk subreddit. And if GME had made it all the way to $65, the position that started with a $116 million investment would have ballooned to be worth $1...

NewsMarkets
3 min read
Stacy Elliott

But the biggest story around GameStop on Friday is likely to be the return of Roaring Kitty to YouTube in a scheduled 12pm ET livestream. The influencer, who also goes by DeepFuckingValue on Reddit, was the key figure behind the 2021 GameStop stock short squeeze.

In recent weeks, he’s returned to Twitter and then eventually Reddit earlier this week, sharing that he holds hundreds of millions of dollars worth of GME shares and options. Based on his current holdings, his position would be worth $1 billion if GME’s price hits $65 on Friday.

Roaring Kitty in a 2020 video. Image: Roaring Kitty YouTube Channel.

If GameStop Hits $65, Roaring Kitty GME Position Will Reach $1 Billion

If GameStop rallies to $65 later today, Keith Gill—better known as Roaring Kitty on Twitter or Youtube and DeepFuckingValue on Reddit—could see his GME position swell to $1 billion. In a post on the Superstonk subreddit last night, Gill revealed that after the market closed his 5 million shares of GME had gained 119% and his 120,000 call options had surged by 376%. All told, that means after a $174 million initial investment,  his position now has a value of $586 million. And if GME can close th...

NewsMarkets
2 min read
Stacy Elliott

More than 100,000 people are already queued up to watch the stream, as of this writing.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.