As an analyst with a background in meme coin trading, I’ve witnessed firsthand the significant impact Roaring Kitty (Keith Gill) has on this niche market. His recent return to social media after a brief hiatus has already sparked price gains for several meme coins, most notably GME.
Keith Gill, famously known as “Roaring Kitty,” has resurfaced once more after a brief absence that followed his initial comeback in May. This news holds weight due to its potential implications for the meme coin market in the future.
Roaring Kitty’s Return Sparks Price Gains For Meme Coins
On June 2, Roaring Kitty resurfaced on his X platform after a three-year hiatus, marking his initial post since May 17. Reminiscent of the previous occasion when he made his first post in 2021, this recent update sparked a substantial rally for several meme coins once more.
As a crypto investor, I’ve noticed an extraordinary surge in the value of GME, a Solana-based meme coin that commemorates the GameStop short squeeze incident from 2021. In just the past 24 hours, this digital asset has soared by more than 200%. This significant price increase can be attributed to none other than Roaring Kitty’s recent post on social media. Moreover, GME’s trading volume has witnessed an unprecedented rise of over 1,200% during this period. Since Roaring Kitty made his comeback last month, GME has been one of the most profitable investments for me and many other crypto enthusiasts. In fact, it recently reached a new all-time high (ATH) in May.
In early 2021, Roaring Kitty and a band of Reddit investors orchestrated an unexpected upheaval in the financial markets by dramatically increasing the price of GameStop (GME) stocks. This event, known as a short squeeze, took place when these traders opposed institutional investors who had bet against the retail company’s stock. Consequently, GME experienced substantial growth, and other popular meme coins followed suit, reporting impressive gains in response to Roaring Kitty’s recent social media activity.
As a researcher studying the cryptocurrency market, I’ve noticed that Dogecoin (DOGE) has experienced a price increase of more than 2% in the past 24 hours, despite its prolonged downward trend. On the other hand, Pepe (PEPE), Dogewifhat (WIF), and Floki Inu (FLOKI) have registered notable gains of 4%, 5%, and 12% respectively during this same period.
This Is Just The Beginning For Meme Coins
Crypto expert Crypto Kaleo indicated in a recent post on Reddit that the current rally for meme coins could be only the start of something truly noteworthy. He cautioned crypto investors against ignoring DOGE and other meme coins if GameStop’s (GME) stock experiences substantial growth following Roaring Kitty’s revelation of his investment in the stock.
DeepFuckingValue, alias of Roaring Kitty on Reddit, made his first post since April with a snapshot revealing his recent acquisition of 5 million GameStop (GME) shares for approximately $115.7 million and an additional $65 million worth of GME call options set to expire on June 21st.
It’s intriguing to note that GME‘s stock has seen a notable increase in pre-market trading after Roaring Kitty’s recent disclosure. According to Crypto Kaleo’s forecast, meme coins may experience even greater price jumps if GME’s price continues to soar once the market opens.
Recent meme coins such as Dogewhiz and PEPE are anticipated to spearhead the trend if the market experiences another wave of meme coin excitement akin to the 2021 event that saw Shiba Inu‘s astonishing price surge of over 46 million percent.
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2024-06-03 21:11