(NYSE:GME) stocks went up on Monday after a Reddit post from user “DeepF***ingValue,” thought to be Keith Gill, showed a major investment in the company. Keith Gill, also known as Roaring Kitty on X and YouTube, shared a screenshot on Reddit’s(NYSE:RDDT) Superstonk subreddit late Sunday, showing a $175 million investment in the video game retailer.

The screenshot showed 5 million GameStop stocks bought at an average price of $21.274, totaling $115.7 million based on Friday’s closing price of $23.14. GameStop shares went up to $38 in early trading Monday before being temporarily stopped due to volatility. By 10 a.m. ET, the stock was up around 35%, having first jumped by as much as 75% at the market open.

The post also showed holdings of 120,000 options contracts set to expire on June 21, giving the right to buy GameStop shares at $20 each. These contracts were valued at $65.7 million as of Friday’s close.

Steve Sosnick, chief strategist at Interactive Brokers, warned investors about joining the rally. He highlighted the potential risks, suggesting that the account’s actions might not align with the best interests of individual investors. Sosnick said to Yahoo Finance, “You should consider whose interest this benefits. It’s pretty clear it’s not yours.”

This surge follows a similar rally in mid-May when GameStop’s stock jumped 180% over two days after Roaring Kitty posted for the first time on X since 2021. However, analysts warned that the current meme stock activity does not match the retail investor enthusiasm seen in 2021.

Despite this, GameStop leveraged May’s rally by selling 45 million shares, generating approximately $930 million in proceeds. Typically, issuing new shares dilutes the value of existing holdings, which would lead to a decline in stock price. However, GameStop’s stock surged 25% on this news.

AMC Entertainment (NYSE:AMC) also benefited from the meme stock frenzy, raising $250 million by selling 72.5 million shares last month. AMC shares saw a 10% increase on Monday.