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Roaring Kitty raised the price of the GME token by 330%

Shares of GameStop Corporation rose more than 50% after Keith Gill, also known as Roaring Kitty, posted on social network X (formerly Twitter). In just one day, the post received more than 23 million views.

Keith Gill posted a drawing of a game controller, sparking rumors of his return to gaming. A former marketer for one of the insurance companies broke his almost three-year silence – he disappeared from social networks on June 19, 2021.

Gill's post sparked a surge in popularity for some memecoins, including the unrelated GameStop token (GME).

In particular, one of the traders spent 443 SOL (about $65,000) to purchase 44.86 million GME. He then sold his assets for 2302 SOL. Net profit was more than $270,000.

Another trader made a 32x profit by purchasing KITTY memcoin. He spent 21.1 SOL (about $3000) to buy 17.4 million KITTY. The deal was completed shortly before the publication of Roaring Kitty in X, according to Lookonchain analysts.

Subsequently, the price of memcoin increased by more than 6,000%. It is known that the trader sold 12.8 million KITTY for 294 SOL (about $41,000). There are 4.6 million KITTY left on his balance sheet.

Recall that in November 2020, Keith Gill discovered that the hedge fund Melvin Capital opened short positions in shares of the GameStop (GME) chain of stores.

To avoid the collapse of the company, which was close to bankruptcy, Roaring Kitty published a post on Reddit and urged the community to buy GameStop securities.

As a result, the company's shares rose 700%, and investment companies lost billions of dollars. Subsequently, top managers involved in the scandal spoke at hearings of the Financial Services Committee of the US House of Representatives.

In July 2022, the GameStop team introduced a beta version of a marketplace for trading non-fungible tokens (NFTs). In just two days, the platform surpassed the Coinbase crypto exchange in terms of sales volumes.

Source: Cryptocurrency

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