Get ready for another round of meme-stock frenzy! Investor Ryan Gill’s recent bet on GameStop (GME) has sparked a surge in both traditional and crypto markets.
Invested heavily in GME shares and call options, totaling over $180 million. This aggressive move hinges on GME’s price reaching at least $20 by June 21st. While his shares show profit, his options are currently underwater.
Gill’s disclosure triggered a significant rally in Solana-based GME meme coins. One such coin saw a staggering 220% price increase within 24 hours, reaching a market cap of over $85 million.
Crypto enthusiasts are predicting even further price hikes for the Solana-based GME coin. Some speculate a potential market cap of $2-3 billion, a landmark moment for Solana.
The GME saga has reignited the enthusiasm for meme investments across the market. Investors, wary of potential trading restrictions on traditional GME, are diversifying into meme coins. This suggests a possible hedge against limitations affecting traditional markets.
This situation highlights the continued influence of social media and celebrity actions on both traditional and cryptocurrency markets.
