Polymarket users are betting on whether Keith Gill, also known as "Roaring Kitty" will reach billionaire status by Friday.
What Happened: At the time of writing, Gill is given a 20% chance of achieving the feat. Polymarket, a popular crypto prediction market, defines the billionaire outcome as Gill announcing that he is a billionaire, "or otherwise showing a brokerage position of at least $1 billion dollars in value, by June 7, 2024, 11:59 PM ET."
Gill recently showcased a $583 million position in a Reddit post, reflecting $382 million in profits from his options and equity positions in GameStop (NYSE:GME) stock.
In the aftermath of his revealing the position, GME stock saw a remarkable increase, climbing 47% to $46 and further spiking to $61 in after-hours trading on Thursday.
Reddit followers quickly calculated that GME needed to rise by just $9 on Friday for Gill's exposure to the video game retailer's stocks to hit the billion-dollar mark.
The market has thus far attracted over $130,000 in trading volume. Gill's chances spiked to 46% after GME surged on Thursday evening but took a tumble on Friday morning, as GameStop revealed its first-quarter earnings.
$GME | GameStop Q1 Earnings:
— Benzinga (@Benzinga) June 7, 2024
– Adj EPS/Loss $0.12 (Est/Loss $0.09)
– Sales $881.80M (Est. $1.05B)
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Why It Matters: Polymarket users were debating Gill's chances, with one user, "etj103007," explaining, "If GME hits $70, the intrinsic value of his position would reach a billion. (5 million shares * $70) + (12 million shares from calls * ($70 – $20 strike))."
Another user expressed confidence, stating, "I believe in Roaring Kitty," while holding 1,000 "yes" shares.
In a related development, the GME (CRYPTO: GME) meme coin on Solana (CRYPTO: SOL) has surged to $175 million in market capitalization. The KITTY meme coin is up over 1,000% since Monday and is valued at over $20 million. CoinGecko data indicates that the associated meme token, roaring kitty (KITTY), has surged by 220%.
What's Next:These unfolding events and their broader implications for digital asset markets will be a focal point at the upcoming Benzinga Future of Digital Assets event on Nov. 19.
Industry leaders and experts will discuss the evolving dynamics of cryptocurrency investments and the influence of social media on market trends.
Image: Pixabay
