Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
After ‘Roaring Kitty‘ revealed his massive position in GameStop (NYSE:GME) stock, several GameStop-related meme coins experienced a massive surge, yielding one meme coin investor an unrealized sig-figure profit.
What Happened: According to a blockchain analyst, one investor, identified by the wallet address 0x8bd…ac6a2, made an unrealized profit of about $300,000.
This investor accumulated 84.8 billion GME tokens between May 17 and May 30, spending 6.12 Ethereum (CRYPTO: ETH) (approximately $23,000) at a cost of $0.000002728 per token.
As of now, the investor has not sold or transferred any of these holdings, achieving a 1346% return
Gill’s reappearance has had a significant impact on both traditional and digital assets.
After more than three years of silence on Reddit, Gill revealed his holdings, including 5 million shares of GameStop, purchased at $21.27 per share and now valued at over $115 million.
Additionally, he holds 120,000 call options with a strike price of $20, set to expire on June 21, 2024, which are now worth more than $65 million.
The market reacted strongly to Gill’s disclosure.
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GameStop shares rose by 22% in the past five days, currently trading around $22.91.
This resurgence has also revived hopes for an altseason, with GameStop-inspired meme coins experiencing significant gains across various blockchains.
On the Solana (CRYPTO: SOL) network, the GME token saw a 169% increase in the last 24 hours, trading at approximately $0.0105.
This surge was accompanied by a trading volume that doubled its market cap, indicating robust on-chain demand.
Similarly, on the Ethereum network, the GME token surged by 620%, reaching about $0.000034, while the GME token on Coinbase‘s Base network increased by 175%, trading at approximately $0.037.
What’s Next: For further insights into the dynamic digital assets landscape and the implications of such market movements, industry experts will gather at the Benzinga Future of Digital Assets event on Nov. 19.
Read Next: Donald Trump’s Crypto Wallet Grows By $500K In Value Following Trial
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