The ROAR Meme Coin’s Value Increased by More Than 300% This Morning, Driven by Social Media Influencer Roaring Kitty’s Announcement of GameStop Stock Holdings

The ROAR meme coin, associated with social media influencer Roaring Kitty, saw a surprising increase in value this morning, soaring by 307.4% to reach $0.001643

The value of the ROAR meme coin soared by more than 300% on Monday morning, following an announcement by social media influencer Roaring Kitty on his GameStop stock holdings.

According to CoinGecko, the ROAR meme coin, which is linked to the social media influencer Roaring Kitty, saw a remarkable increase in its value on Monday morning. The coin surged by 307.4% to reach $0.001643.

Roaring Kitty, also known as Keith Gill, posted a screenshot on Reddit that appeared to show a substantial holding of GameStop stock and options.

Based on Friday’s closing price, Gill’s post indicated his ownership of 5 million GameStop shares, which would be valued at around $116 million.

The influential nature of Gill's disclosure was evident in its impact on GameStop's stock, which surged by over 100% at its peak on Monday in pre-market trading before settling to an 88% increase. At the height of the rally, GameStop shares reached $43.57, reflecting the renewed enthusiasm among meme stock investors.

The rally in GameStop shares and Gill's strategic social media activity, including a cryptic post featuring the Uno reverse card, generated interest in meme stocks. These stocks, which are typically defined by large price volatility driven by online popularity rather than company performance, have become a focus for retail investors.

GameStop, a company that has been at the center of the meme stock phenomenon, sold 45 million shares last month for $933.4 million while warning investors of potential "material losses." Despite the recent surge, the company is projecting quarterly sales declines and continued net losses.

$GME currently trades at $30.47 per share, with over $118 million daily volume.