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30 May 2024
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Ethereum

GameStop: Smart Trader Nets $576K on GME In 2 Days

In a stunning display of trading acumen, a savvy trader reportedly earned $576,000 by leveraging the volatile nature of GameStop [GME] stock and a similarly named Solana-based meme coin. The trader’s moves, potentially inspired by popular trader @TheRoaringKitty, illustrate the explosive profit potential in the intersecting worlds of traditional and crypto markets.

The story begins with @TheRoaringKitty, a well-known figure in the retail trading community. The account posted about GameStop, and just eight minutes later, the trader seized the opportunity. While the original GameStop stock experienced a remarkable rally, an unexpected player emerged in the form of a Solana-based meme coin named after GameStop.

They invested 200 SOL worth around $29,000 to acquire 43.86 million GME. As the stock price surged, the trader strategically sold 6.12 million GME for 400 SOL valued at $58,000. They effectively doubled their initial investment and secured 200 SOL in profit while recovering the principal.

Reinvesting Profits

Rather than resting on their laurels, the trader astutely reinvested the 200 SOL profit to purchase 4.14 million GME after the price dipped. This move exemplifies a key trading strategy. The trader ensures the principal amount is reclaimed, thereby reducing risk while capitalizing on further opportunities.

The final maneuver in this high-stakes game came just hours ago when the trader sold 11.88 million GME for 1,358 SOL, which is worth $198,000. This left them with 30 million GME valued at around $378,000. This series of trades showcases a keen eye for market trends and a disciplined approach to managing investments and locking in gains.

Also Read: GameStop: GME Forecasted to Reach $86; Here’s When

The Solana Meme Coin Surge

Created in February as a parody, the meme coin saw its fortunes skyrocket alongside the GME stock’s movement. Initially priced at $0.0004922 following several days of losses. The coin surged to a three-month high of $0.008354, marking a 1,576% increase. The rally continued, with the meme coin peaking at $0.01976, a staggering 3,914% increase in just two days. Although it has since dropped slights, it remains significantly elevated, trading at $0.01653.

Source

GME was trading at $0.02146 at press time with an 80% daily surge. The trading volume soared to $189 million, pushing the market cap to $145 million.

Also Read: GameStop (GME) and AMC (AMC) Stock Short Sellers Lose $5B In Two Days

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