The ROAR meme coin’s value surged by over 300% this morning after social media influencer Roaring Kitty announced significant GameStop stock holdings. Roaring Kitty, also known as Keith Gill, revealed on Reddit that he owns 5 million GameStop shares worth about $116 million.
This announcement caused GameStop’s stock to spike by over 100% at its peak before settling to an 88% increase in pre-market trading. The stock hit a high of $43.57, driven by renewed interest from meme stock investors. ROAR, associated with Gill, saw its price rise to $0.001643.
GameStop has been volatile, recently selling 45 million shares for $933.4 million while warning of potential significant losses. Despite the surge, the company faces projected sales declines and net losses.
This event underscores the significant impact of social media influencers on stock and cryptocurrency markets, showcasing the power of online communities in driving price volatility.
