Traders who were fortunate enough to have bought in early on the latest meme stock craze are making away with huge gains. Unusual Whales, which tracks trading data, The contracts then peaked at $13.63, meaning the investment would have reaped gains of 6,400%—turning $27,000 into $2 million, according to the firm. Holy, this trader turned thousands into millions with GameStop, $GME.This $GME trader got $25 call contracts expiring 05/17/2024 at an average of $0.21, for 27k.They peaked at $13.63.Assuming he stayed in, this is a 6,400% return, turning 27k into over $2 million pic.twitter.com/Ogi1CX4Tks— unusual_whales (@unusual_whales) May 13, 2024In another post, the data platform Call contracts give buyers the right to buy a stock at a specified price and date—but not the obligation. ’Meme stock mania Roaring Kitty (Back in 2021, shares in dying companies like GameStop became popular on internet forums after amateur traders started pumping them. This led to chaos on Wall Street—and government intervention—after hedge funds that had shorted the stocks lost out after they suddenly went up in value. Cryptocurrencies experienced a boom at the time too, with meme coins and tokens in particular going up in value. They have since experienced a resurgence and some now make up the top digital assets by market cap. The virtual assets—which are based on Internet jokes and are usually extremely volatile—have this week Edited by Ryan Ozawa.
