"Other than Keith Gill's handling, convey the stock and the associated memeon continues to rise."
In order to protect the funds, businessman Andrew Tate wasted no time in withdrawing $500,000 in Bitcoin (BTC) cryptocurrency to invest in GameStop (GME) and memecoin.
The move came shortly after retail trader Keith Gill posted a meme on his social media platform X called TheRoaringKitty that caused several cat-themed memecoins and GME shares to see a sharp rise.
pic.twitter.com/YgjVqtgcNS
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Through observation, the price of GME surged as much as 44% in pre-market trading then rose as high as 100% during the market open before trading was halted while GME's unrelated memecoin on the Solana blockchain (SOL) also surged over 550%.
So here it can be seen that microcap cat-themed memecoins such as KITTY increased by thousands of percent while POPCAT and MOG each gained more than 15% including Dogecoin (DOGE) and Shiba Inu (SHIB) which jumped 5% and 7%.
Beginning in 2019, Gill's analysis of video game retailer GME gaining traction during the COVID outbreak has been the driving force for GME to move higher in January 2021 when several small traders joined together to buy options and capitalize on the firm's stock.
Please note that the stock went from $4 to over $120 in just one month and then jumped thousands of percent from its all-time low of 64 cents in April 2020.
Gil who made an initial investment of $53,000 has generated profits of up to $50 million and this has caused him to emerge as a rags to riches story of a lone trader who made a fortune from his bedroom by betting against hedge funds.
