Skip to content

Trader turns $70K into $1.28 million in a two-day GameStop stock craze

Trader turns $70K into $1.28 million in a two-day GameStop stock craze

This week marked a resurgence of the ‘meme stock craze’ as key players from the 2021 phenomenon, such as GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC), reclaimed the spotlight. 

Retail traders exhibited a renewed interest in these stocks over the past two trading sessions, highlighting a heightened appetite for speculative ventures. 

In the midst of this unexpected surge, one trader made a remarkable move, transforming a $70,000 investment into a staggering $1.28 million in just two days through strategic entry and exit maneuvers within the realm of these meme stocks.

What happened?

In an extraordinary stock trading stratagem, a trader took advantage of the recent abrupt surge in GameStop’s share price, successfully turning a $70,000 investment into $1.28 million in just two days on November 30.

According to the stock news account unusual_whales, the trader made this staggering profit by engaging in the GME trade “targeting $20 calls this Friday, next Friday, and the Friday after that, have exited some of their position in the last hour,” the popular X account explained

For the GME $20 calls dated December 8, 2023, the trader “did around $70k, filled at $0.11. They exited last hour for an average of $1.71, for around $1.28 million.”

A surge in GameStop calls transactions. Source: unusual_whales

That represents a roughly 1,400% return on investment as a result of GME’s huge upswing. 

Over the past two days, the stock gained around 28%, surging from below $12 to around $17.3 on Wednesday, November 29. On Thursday, the meme stock lost some of these recent gains, falling over 5.5% at the market open to $15.35.

GME 1-week price chart. Source: Finbold

Apart from GameStop, AMC’s shares also draw speculative interest among retail traders, surging above $7.3 on Wednesday. More than 32.5 million AMC shares were traded on the day, the highest volume since November 9.

Buy stocks now with Interactive Brokers – the most advanced investment platform


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts