As a researcher with a background in meme coins and cryptocurrency markets, I find Keith Gill’s latest move into Chewy (CHWY) an intriguing development. The meteoric rise of CHWY price following Gill’s announcement of holding 9,001,000 shares of Chewy Inc. is reminiscent of the GameStop (GME) phenomenon we witnessed earlier this year.
Keith Gill, commonly referred to as “Roaring Kitty,” has made headlines once more with his latest venture into the cryptocurrency world. This time around, he’s promoting a new Solana meme coin named Chewy (CHWY), which saw a staggering 448% price surge early Tuesday morning, reaching $0.00000000008406. The sudden spike in value was triggered by Gill publicly disclosing his ownership of 9,001,000 shares of the real-world company, Chewy (NASDAQ:CHWY), an online pet products retailer. Amid this development, investors have been scrambling to acquire CHWY tokens, causing a significant downturn in GameStop’s (GME) price. In just the last 24 hours, GME has dipped by 16%, and over the past week, it has decreased by 7.5%. Could Chewy be the next Roaring Kitty-linked meme coin to experience massive growth?
Chewy (CHWY)
As a crypto investor, I’d describe Chewy as the go-to meme coin that merges fun and finance in an engaging way. Powered by a vibrant community, it draws inspiration from the viral trends of internet culture. The team behind Chewy is dedicated to making cryptocurrency approachable, relatable, and entertaining for all enthusiasts and investors.
The team behind Chewy is aiming to transcend being just a meme coin and intends to introduce practical uses for the token. In the pipeline are NFT integrations, alluring incentive programs for users, meme contests, Decentralized Finance (DeFi) opportunities for yield farming, and social media promotions.
Approximately four days have passed since CHWY’s launch, and its price has shown significant volatility. Following the announcement, CHWY’s price surged dramatically after it was revealed that Gill held a 6.6% ownership stake valued at $229 million in the pet products company, as disclosed to the Securities and Exchange Commission (SEC) the day prior.
The Chewy meme coin shows strong potential as major meme coin influencers continue to get on board. At the time of writing, CHWY’s 24-trading volume is up 1,173%, signaling an increase in investor interest. Ansem, another popular and influential figure in the Solana meme coin space, has also invested in the coin.
Four-day-old meme coin soars to $4 million market value, with potential for further growth. On June 27th, Gill uploaded a puppy photo on his X platform (previously Twitter), inadvertently causing CHWY stock surge and giving birth to the Chewy meme coin.
— Roaring Kitty (@TheRoaringKitty) June 27, 2024
As an analyst, I’ve observed that Chewy’s price launched at an incredibly low value of $0.000000000001236, dipping momentarily to $0.000000000001183 before experiencing a significant price increase. Early investors have seen returns of over 74 times their initial investment. The current all-time high (ATH) for Chewy stands at $0.0000000002429, and if this meme coin breaks free from its existing range, it could potentially surge beyond this ATH price. It’s essential to note that Chewy has a total supply of 42.069 quadrillion tokens, with all of them currently in circulation.
In a mere four-day span, Chewy has experienced remarkable growth, going from no holders to 8,562 at the time of reporting. This significant increase grants Chewy notable strength against its primary competitor, Gamestop (GME). For investors who missed the opportunity with GME, jumping aboard the Chewy train before it surpasses its current price range is a viable alternative.
The price surge caused by Roaring Kitty’s influence on CHWY following its launch and addition to CoinGecko has now decreased. At present, CHWY has a daily trading volume that is five times larger than its market capitalization. This situation is typically unfavorable as it suggests the cryptocurrency could be overbought. Nevertheless, once the excitement dies down, the increased trading volume may result in further price increases to new record highs.
2. GameStop (GME)
The price of GME has taken a dip once more for the second consecutive week. Currently, it stands at $0.006952, representing a 16.5% decrease within the past 24 hours. Since June 17, this meme coin has been confined to a consolidation range and is now sitting near its lower limit.
If the bulls in the GameStop (GME) market are successful, investors could potentially see a significant increase of approximately 41% in price, bringing it up to $0.0099. Conversely, there’s a possibility that GME may continue to decline and find a support level around $0.003579.
The market value of GME is ten times greater than that of Chewy. As a result, it would require ten times more trading activity to influence Gamestop’s stock price compared to Chewy’s. Surprisingly, however, these two companies exhibit similar trading volumes despite their significant difference in market capitalization.
Conclusion
The introduction of Chewy into the cryptocurrency sector opens up an enticing prospect for investors who passed up on the rewards from Solana’s meme coin, Gamestop (GME). This development underscores the increasing fusion between traditional finance (TradiFi) and the crypto market, paving the way for potential substantial profits.
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2024-07-02 14:30