- Keith Gill, also known by his online persona “Roaring Kitty,” has made a notable return to the crypto scene after a brief hiatus.
- The effect of his comeback on meme coins has been profound, showcasing his significant influence in the market.
- His recent activities have led to remarkable gains for certain meme cryptocurrencies, igniting discussions across financial platforms.
Roaring Kitty’s return to the market has triggered notable price movements in meme coins, highlighting his enduring influence in the crypto space.
Roaring Kitty’s Influence Sparks Meme Coin Surge
On June 2, Roaring Kitty made a post on his X platform, marking his first activity since mid-May. This reappearance resulted in a substantial rally for several meme coins, mirroring the reaction seen when he re-emerged last month after a substantial hiatus.
The Solana-based meme coin, GME, which honors the GameStop short squeeze of 2021, experienced a meteoric rise, surging over 200% within 24 hours following his post. Furthermore, GME’s trading volume skyrocketed by an impressive 1,200% during the same period. Roaring Kitty’s crucial role in the 2021 GameStop event has contributed to GME’s continued bullish momentum since his return.
Other meme coins have also benefited from this resurgence. Dogecoin (DOGE) notably broke its downward price trend, gaining over 2% in the past day. Meanwhile, PEPE, Dogwifhat (WIF), and Floki (FLOKI) saw increases of 4%, 5%, and 12%, respectively.
Potential for Continued Growth in Meme Coins
According to Crypto Kaleo, a prominent analyst, this upward momentum in meme coins might just be starting. He pointed out in a recent X post that investors should keep an eye on meme coins like DOGE if GameStop’s stock price continues to rise significantly due to Roaring Kitty’s influence.
In a recent Reddit post, Roaring Kitty disclosed his acquisition of 5 million GME shares valued at $115.7 million, along with $65 million in GME call options set to expire on June 21. This revelation has already pushed GME’s stock price higher in pre-market trading.
Implications for the Broader Crypto Market
The ripples caused by Roaring Kitty’s return may extend beyond meme coins. As GME’s stock price continues to climb, it is reasonable to expect further surge in meme coin values. If history repeats itself, as seen with Shiba Inu’s astronomical rise in 2021, newer meme coins like Dogwifhat and PEPE could follow suit and see substantial gains.
Investors are closely watching to see if meme coins can replicate the unprecedented growth rates of past cycles, possibly heralded by influential figures like Roaring Kitty.
Conclusion
Roaring Kitty’s recent actions have once again showcased his significant impact on the financial markets, particularly in the realm of meme coins. As the market reacts to his ongoing activities, investors are closely monitoring these assets for potentially lucrative opportunities. The future of meme coins seems promising, with potential for further gains driven by influential market participants.
