- Stock trader and analyst Keith Gill, known for fueling the GameStop frenzy, has stirred the markets with his recent post, leading to a surge in meme tokens.
- Following Gill’s post, the price of the Solana (SOL) based meme token Roaring Kitty (KITTY) and the unrelated GameStop project named GME altcoin recorded significant increases.
- The rise also revived popular meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki Inu (FLOKI) along with cat-themed tokens Popcat (POPCAT) and Mog (MOG).
Keith Gill, the stock trader and analyst known for sparking the GameStop frenzy, has caused a surge in meme tokens with his recent post, leading to significant price increases in several cryptocurrencies.
Keith Gill’s Impact on the Crypto Market
Keith Gill, also known as “The Roaring Kitty” on social media, has been a significant influence in the crypto market. His recent post has led to a surge in the price of several meme tokens, including Roaring Kitty (KITTY) and the unrelated GameStop project named GME altcoin. This movement has been interpreted as an early sign of the return of risk appetite to the crypto markets after weeks of stagnation.
Rise of Meme Tokens
The rise did not stop with these two altcoins. Popular meme tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki Inu (FLOKI) along with cat-themed tokens Popcat (POPCAT) and Mog (MOG) also saw double-digit increases in their prices within the last 24 hours. According to CoinMarketCap data, PEPE, with a 21% increase, topped the list of the most profitable altcoins, followed by FLOKI with a 12.8% increase, DOGE with a 5% increase, BOME with an 11% increase, POPCAT with a 23.9% increase, and MOG with a 25.6% increase.
Market Reactions and Predictions
Shisui, the developer of the MOG token, spoke to Coindesk about the recent developments. He stated that “Roaring Kitty is a living proof that retail can outperform institutions at the highest level. The return was perceived as a bullish signal for meme tokens because the market remembered that a large part of the 2021 Gamestop frenzy jumped to DOGE and other meme coins.”
Conclusion
The recent surge in meme tokens indicates a potential return of risk appetite in the crypto market. With the influence of key figures like Keith Gill, these tokens could continue to see significant price increases. However, as always, investors should exercise caution and conduct thorough research before making any investment decisions.
