Solana-based memecoin $GME surges by 300% on Roaring Kitty's return

Keith Gill, also known as “Roaring Kitty,” a famous trader linked to the 2021 GameStop short squeeze, reappeared on social media on Sunday. His return sparked a frenzy in the meme coin market, especially the Solana-based memecoin $GME. The memecoin saw its value more than triple, with its market cap surpassing $100 million—a 300% jump over the past hours, according to data from CoinMarketCap.

At the time of writing, $GME is trading at around $0.0147. Trading volumes surged over sixfold to over $150 million.

Meanwhile, Kitty-themed coins, such as Kitty AI, have also seen their values double amid the hype.

Gill’s reappearance on the social network X comes two weeks after he posted for the first time in three years. In his latest return, he posted the reverse card from the game Uno.

The trader also reappeared on Reddit for the first time since last April, posting a screenshot indicating the purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options with the expectation that GME’s share price would reach at least $20 by June 21.

Following the Reddit post, GameStop’s shares reacted swiftly, with the price soaring 19.19% to $27.5 within 20 minutes. Prior to this event, GameStop’s shares had closed at $23.14, marking a 38.8% increase since the start of the year, according to data from Google Finance.