TL;DR
- The GME cryptocurrency on the Solana blockchain has increased by more than 244% in 24 hours following a revelation by Keith Gill about his GameStop call options.
- GameStop shares also experienced a bullish rally, nearing a 100% increase in the market.
- A trader took advantage of the boom, selling 3.5 million tokens for $43,000.
The crypto market continues to surprise. This time, the price of the GME cryptocurrency on the Solana blockchain has increased by more than 244% in just 24 hours. The jump occurred shortly after Keith Gill, known online as ‘TheRoaringKitty’, announced that he holds $65 million worth of call options for GameStop. These options have a strike price of $21 and expire in 19 days, sparking strong interest in both the stock and the cryptocurrency linked to the famous video game retailer.
The impact of Gill’s revelation was not limited to GME; GameStop shares also saw a bullish rally, approaching a 100% increase in the market. As has happened several times before, we have once again witnessed the power that influential figures can have in both the financial and crypto markets.
According to the latest data from CoinMarketCap, GameStop (GME) is currently trading at $0.01369. Its market capitalization is approximately $94 million, and the trading volume in the last 24 hours has grown exponentially, reaching 1277% and amounting to $269 million.
GameStop (GME) Emerges from the Depths
The GameStop phenomenon began as a movement driven by retail investors on platforms like Reddit. Notably, there was a trader who effectively capitalized on the GameStop boom. This investor had placed a limit order that was triggered at the right moment, allowing them to sell 3.5 million GME for 260 SOL, which is approximately $43,000, at a price of $0.01226 per GME. Despite this sale, the trader still holds a substantial position of 108 million GME, valued at approximately $1.5 million. In total, the net profit from these transactions amounts to around $1.37 million.
Now, expectations continue to rise as the expiration date of Gill’s call options approaches, which could bring even more movements in the market.
