Keith Gill (also known as “Roaring Kitty”) is back again after taking a short hiatus following his earlier return in May. This development is significant given the impact it has already had and could have on meme coins in the long run.
Roaring Kitty’s Return Sparks Price Gains For Meme Coins
Roaring Kitty posted on his X (formerly Twitter) platform on June 2, his first post since May 17, when he returned to the social media platform after three years of absence. Similar to what happened when Roaring Kitty made his first post (since 2021) last month, his recent post once again triggered a significant run for several meme coins.
GME, a Solana-based meme coin that pays tribute to the GameStop short squeeze in 2021, has skyrocketed by over 200% in the last 24 hours, thanks to Roaring Kitty’s post. GME’s trading volume has also shot up 1,200% during this period. The meme coin has been one of the largest beneficiaries since Roaring Kitty returned last month, with GME hitting a new all-time high (ATH) in May.
GME made these price gains because Roaring Kitty played a major role in the GameStop short squeeze in 2021. He and a group of Reddit traders staged a financial revolution against institutional traders who had been shorting the retail company’s stock. Meanwhile, the foremost meme coins have also recorded significant gains following Roaring Kitty’s recent post.
Dogecoin (DOGE), which has maintained a downward trend for some time now, has recorded a price gain of over 2% in the last 24 hours. Meanwhile, Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI) are also up by 4%, 5%, and 12% respectively.
This Is Just The Beginning For Meme Coins
Crypto analyst Crypto Kaleo suggested in an X post that this could just be the beginning of an impressive rally that meme coins could experience. He advised crypto investors not to “sleep on DOGE and the memes” if GameStop’s (GME) stock rises significantly following Roaring Kitty’s disclosure of his position in the stock.
Roaring Kitty posted on his Reddit account (under the alias ‘DeepFuckingValue’) for the first time since April, sharing a screenshot showing that he had purchased 5 million GME shares for $115.7 million and $65 million in GME calls, which are meant to expire on June 21.
Interestingly, GME’s stock has already been reported to have surged in pre-market trading following Roaring Kitty’s revelation. Based on Crypto Kaleo’s prediction, meme coins could record more significant price gains, especially if GME’s price skyrockets further once the market happens.
Newer meme coins like Dogwifhat and PEPE are expected to lead the way if Roaring Kitting triggers another meme coin mania like the one in 2021 when Shiba Inu recorded its historic 460,000,000% price gain.
by Scott Matherson via Bitcoinist.com
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