Minority Mindset

Smart investments

Crypto News

RoaringKitty a GameStop Billionaire by Friday? Crypto Traders Are Placing 50% Odds

Jun 6, 2024
  • Market watchers expect Keith Gill, known as Roaring Kitty, to potentially reach a billion-dollar position in GameStop stock by Friday.
  • Polymarket bets on Gill becoming a billionaire have gained traction, with “yes” odds rising to 50.
As an analyst with a background in financial markets and experience in following retail stock traders’ impact on the market, I find Keith Gill’s potential achievement to be an intriguing development. The anticipation surrounding his GameStop (GME) stock positions reaching a billion-dollar value by Friday is not only captivating but also a testament to the power of social media and retail investors.Experts widely believe that retail investor Keith Gill, also known as Roaring Kitty, is poised to make over a billion dollars from his GameStop (GME) stock holdings by this coming Friday, making for an extraordinary meme-stock trading achievement.
Gill, frequently recognized by his X social media handle @TheRoaringKitty and Reddit name “DeepF\*\*kingValue” (without asterisks on the platform), unveiled a $583 million investment in a recent Reddit post on Thursday. This disclosure highlighted a gain of approximately $382 million from both options and stock holdings. The Gamestop (GME) share price jumped by 47%, reaching $46 during regular trading hours on Friday, and soared further to $61 in the after-market.
Reddit users swiftly performed the calculations, determining that a $9 increase in GameStop (GME) stock price on Friday would result in a billion-dollar investment exposure for Gill for the company’s shares.

Investor interest in Polymarket’s wager that Roaring Kitty will surpass the 10-digit figure in his brokerage account by Friday has surged. The “Will Roaring Kitty be a Billionaire by Friday?” market has amassed $120,000 in bets since its launch on Thursday night, and the probability of “yes” responses has risen significantly since early Asian hours on Friday, currently standing at 50%.

User “etj103007” expressed that if GameStop (GME) stock hits $70, the true worth of their investment would surpass $1 billion. This is calculated as follows: 5 million shares owned * $70 per share + 12 million call options * ($70 – $20 difference between the current price and strike price).

“I believe in Roaring Kitty,” said another user who held 1,000 “yes” shares.

RoaringKitty a GameStop Billionaire by Friday? Crypto Traders Are Placing 50% Odds

If @TheRoaringKitty reveals that he has become a billionaire or discloses a brokerage position worth over one billion dollars by 11:59 PM ET tonight, the market will affirmatively respond based on the confirmed information from Gill or his publicly accessible social media platforms.

Currently, a fictitious GME token mimicking the GameStop stock, operating on the Solana blockchain, has amassed approximately $200 million in transaction volumes over the last 24 hours. This surge is predominantly attributed to Gill’s social media announcements. Furthermore, the related meme coin, KITTY, experienced a significant price increase of around 220% according to CoinGecko statistics.

Read More

2024-06-07 11:30