Gaming tokens set for rally after Roaring Kitty ignites a surge in GameStop stock
- GameStop stock rose after Roaring Kitty made a $175 million bet on the company.
- ALICE, TLM, and MOBOX are among the top gainers following GME's rally.
- Solana-based meme token GME skyrocketed 300% following Roaring Kitty's post.
Gaming tokens are gearing up for a rally after posting gains on Monday as Roaring Kitty revealed his hefty bets on GameStop.
GameStop could propel a rise in Gaming tokens
GameStop's stock price surged in the early hours of Monday following a recent disclosure by Keith Gill, popularly known online as Roaring Kitty, affirming that he placed a $175 million bet on the company. This revelation comes less than a month after returning from his self-imposed social media exile. The company's stock price closed at $23.14 on Friday but started the new week at $40 before crashing to $29.
Following Roaring Kitty's disclosure, Gaming tokens have been reacting positively, displaying signs of a potential rally.
Gaming tokens have underperformed several other categories in the market in the current bull market cycle. The last notable surge in most of their prices was in early March after investors booked profits from Bitcoin and migrated capital to the gaming category.
However, following a series of tweets from Roaring Kitty in mid-May, after three years in the shadows, Gaming tokens showed a glimpse of a price rally. And with his recent GME revelation, these tokens are gearing up for more growth.
Also read: GameStop shorts lose over $1 billion in mark-to-market losses on Monday amid meme-stocks demand
My Neighbor Alice (ALICE), Alien World (TLM), and Mobox (MBOX) are among the top gainers in the Gaming category following recent events surrounding GameStop's stock.
ALICE currently leads the rally for gaming tokens, with a 66% price surge in the past 24 hours.
MBOX is also up 13%, with other tokens following behind.
Read more: Top meme coins post gains following increased social activity amid GameStop pump
Solana-based meme token GME also skyrocketed following Roaring Kitty's claims. The meme coin saw prices jump by 232%, as its namesake similarity to GameStop may be the reason for its surge.
This has led to a series of speculations among crypto community members that a meme coin rally may be imminent, considering how meme coins have also rallied alongside GameStop stocks in previous times.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
