GameStop (GME) experiences a notable rally overnight as Keith Gill, famously known as "Roaring Kitty" and a key figure in the 2021 GME short squeeze, reemerges on Reddit to reveal his substantial $181.4 million position in GME stock and call options.

In a Reddit post on his "DeepFuckingValue" account, Gill shared a screenshot indicating his purchase of 5 million GME shares worth $115.7 million and investments of $65.7 million in call options, with a bullish bet on GME reaching at least $20 a share by June 21. Despite a loss of nearly $2.5 million on his call options, Gill's GME holdings have seen a gain of over $9.3 million.

The impact of Gill's disclosure was swift, with GME surging by 19.19% in just 20 minutes in Robinhood's overnight markets, reaching $27.58. This surge follows GME's recent positive performance, with shares up 38.8% in 2024, potentially fueled by anticipation surrounding Gill's return.

Gill's return to Reddit was marked by a cryptic post featuring a green Uno reverse card, adding to a series of enigmatic messages and memes since his comeback in May. Known for his role in the GameStop saga during the COVID-19 pandemic, where Reddit traders disrupted hedge funds by driving up GME's price, Gill's actions led to a remarkable 1,000% surge in GameStop stock in less than a month.

Some analysts speculate that the GameStop short squeeze served as a catalyst for the subsequent rise of memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), as retail traders redirected their attention to alternative assets.

While Gill was previously active on the r/wallstreetbets subreddit, which gained notoriety during the GameStop short squeeze, the forum has since shifted focus. Gill's latest post was made on the r/Superstonk subreddit, primarily dedicated to GME speculation.

His previous post on r/wallstreetbets in April revealed his ownership of 20,000 GME shares at a buy price of $55.17 per share, reflecting a gain of $19.9 million at the time.