Roaring Kitty’s YouTube livestream triggers meme coin surge

Meme coins are seeing a significant surge following an announcement by Keith Gill, widely known as Roaring Kitty or DeepF**kingValue. Gill revealed plans for an upcoming YouTube livestream scheduled for June 7 at 16:00 UTC.

This announcement sparked an immediate and explosive reaction in the crypto and stock markets.

Roaring Kitty on the way to becoming a billionaire

In particular, tokens based on the Solana blockchain such as GME, AMC and KITTY have seen significant gains. The GME meme coin, which has nothing to do with the company GameStop (GME), has seen the most notable rise, rising 110% in just 24 hours and recording a staggering 560% increase in the past week.

As a result, GME has become one of the top performers among all Solana-based meme coins. Traders are considering the GME meme coin as an alternative to GME stocks in case there are restrictions on trading the stocks.

In addition, GameStop shares rose 47.5% in a single day, with the price per share reaching $46.55. According to a screenshot shared by Gill, the notional value of his stake in GME shares now exceeds $586 million.

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This includes his ownership of 5 million shares valued at over $232.75 million and call options valued at over $324.30 million. Gill's unrealized gains on these investments total approximately $382.51 million.

“Roaring Kitty is about to become a billionaire as GameStop stock GME rises to $67.50/share in after-hours trading. If GME opens at or above current levels tomorrow, his shares will be worth ~$325 million and his options ~$700 million, totaling ~$1 billion,” the Kobeissi Letter said.

This financial monster gained momentum on June 2. That day, Gill announced on Reddit – in his first post since April 2021 – that his holdings of GME shares and call options had reached a notional value of over $180 million.

Furthermore, the low-cap meme coin Roaring Kitty (KITTY) mirrored GME's explosive performance, recording an impressive 199% increase in a single day. AMC tokens also felt the positive impact, almost doubling in value, indicating a broader market trend.

Encouraged by Gill's announcement, crypto traders are aggressively acquiring positions in these risky assets.

According to Lookonchain, an on-chain analytics platform, there is notable activity from large traders. One such investor who owns the Solana wallet – coux7 – has made significant investments in GME and KITTY coins.

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This trader spent 5,000 Solana (SOL) tokens – worth about $850,000 – to buy 35.99 million GME coins. In addition, he spent another 1,460 SOL – worth about $248,000 – to acquire 8.6 million KITTY coins.