Roaring Kitty Unintentionally Triggers Meme Coin Rally
Various cryptocurrencies linked to Keith Gill, also known as Roaring Kitty, saw a dramatic surge on Wednesday night after he shared a Rick James-themed GIF featuring Dave Chappelle impersonating the iconic musician.
Meme Coins Surge
While the market connection was not immediately clear, it nevertheless triggered significant movement in the crypto space, with the Solana-based meme coin GmeStop (GME) rising over 13% in 24 hours and the BNB Chain-based GameStop Coin (GME) soaring 328%, according to CoinMarketCap.
These coins are associated with GameStop Corp. (GME), the meme stock at the heart of the now infamous Roaring Kitty 2021 short squeeze. Even coins with Kitty in their name, such as Kitty AI, saw a 6% gain.
Riding The Speculation Wave
It is worth mentioning that although these meme coins have no actual ties to GameStop or Roaring Kitty, they are riding on speculation about a possible repeat of the 2021 short squeeze event. Roaring Kitty made his social media return in 2024 after a three-year hiatus and has been posting sporadically on X, with his posts continuing to influence both the stock and cryptocurrency markets.
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