As a seasoned crypto investor with a keen eye for market trends and an appreciation for the power of social media, I find the recent surge in the price of the Chewy (CHWY) meme cryptocurrency on the Solana blockchain intriguing. The sudden 1,500% increase within 24 hours and the approaching $10 million capitalization have caught my attention.
In just 24 hours, the cost of the meme cryptocurrency Chewy (CHWY) on the Solana blockchain has skyrocketed by more than 1,500%. According to DEX Screener, CHWY’s market capitalization is rapidly approaching $10 million due to this unexpected price increase.
Since its launch on June 27, CHWY has experienced significant price fluctuations. Initially, the stock surged more than 13,500%, but subsequently plummeted by 96%. Currently, it has risen approximately 15 times over its initial value.
As a researcher, I’ve come across an intriguing development regarding a recently unveiled pump: Keith Gill, also recognized as Roaring Kitty, has publicly disclosed ownership of a 6.6% stake in Chewy Inc., according to the latest SEC filing. Notoriety came his way due to his involvement in the 2021 GameStop short squeeze incident. For your information, Chewy is an online retailer that focuses on selling pet food and related products.
Coincidence or not?
It’s intriguing that Gill shared a picture of a cartoon dog against a blue backdrop on social media X just three days prior to the meme token surge. Remarkably, around the same period, the popular Solana meme character, Chewy, emerged.
— Roaring Kitty (@TheRoaringKitty) June 27, 2024
As a researcher examining Gill’s post, I noticed an intriguing discrepancy. He failed to mention the pet food company named “CHWY” in his recent publication. Given the timing and the significant surge in CHWY’s stock price, this omission raises questions about potential coincidences or possible manipulation.
Further fueling curiosity, it has been reported that Gill is facing a class-action lawsuit concerning the GameStop options deal, which could potentially impact this recent announcement.
The synergy between Gill’s social media presence and his SEC disclosure has ignited a surge of curiosity towards the CHWY token, prompting speculation about the potential impact of the renowned financial influencer on the market.
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2024-07-01 18:21