Will GameStop Surge to $69, Making Roaring Kitty a Billionaire?
How Did GameStop's Stock Price Soar 47% in a Single Day?
GameStop's stock has been experiencing a tremendous surge on Wall Street. Recently, the stock price of GameStop (NYSE: GME) soared by 47.45% in a single day, closing Thursday's trading session at $46.55. This rally has pushed the stock's value to over $61 in aftermarket hours.
The Role of Roaring Kitty
A significant factor in this surge is the involvement of Keith Gill, known online as Roaring Kitty. Gill has significantly increased his positions in GameStop stock and options, now valued at approximately $586 million. He has announced a YouTube livestream for Friday, which has generated significant anticipation among investors.
Potential Billionaire Status
Popular investor Anthony Pompliano commented on the situation, noting that if GameStop's stock reaches $69 per share, Roaring Kitty could potentially become a billionaire. Pompliano highlighted the remarkable journey of Gill, from impacting billionaire hedge funds to possibly becoming one himself.
Hedge Fund Reactions
The rise of GameStop has also attracted attention from hedge funds. Andrew Left, co-founder of Citron Research, announced plans to short GameStop stock again, after closing his previous position in May. Left's comments suggest that he views Roaring Kitty's actions as akin to those of a hedge fund manager.
Solana-Based GME Meme Token
The excitement around GameStop has spilled over into the digital asset market. The Solana-based meme token, GME, inspired by GameStop but not officially affiliated with the company, has seen significant gains. Over the past month, the token has surged by more than 4,600%, with a notable 118% increase in the past 24 hours.
The rally of GameStop on Wall Street and the concurrent rise of the Solana-based GME meme token reflect a dynamic and unpredictable market environment. As retail investors and hedge funds continue to engage in this financial spectacle, the coming days will likely bring more excitement and volatility.
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