As a seasoned financial analyst with a background in meme coin market trends, I have closely observed the recent surge of three meme coins – GME, KITTY, and ROAR – that have experienced double-digit price increases in just one day. According to CoinMarketCap data, these tokens have benefited significantly from their affiliations with GameStop trader Keith Gill, despite no official connection.
Three Roaring Kitty-inspired meme coins marked double-digit price increases over the past day.
In the face of a modest increase in the total value of the meme coin market, according to CoinMarketCap (CMC), GME, KITTY, and ROAR experienced significant gains of more than 10% each.
The trio of stocks, GME, KITTY, and ROAR, experienced significant gains on Wednesday, with increases of 10%, 20%, and 15% respectively, relative to the previous day. Despite no formal connection between these stocks and GameStop’s prominent trader Keith Gill, who is famously known as “Roaring Kitty,” their prices seem to have been positively influenced by his involvement with the meme stock phenomenon.
GME and KITTY are represented by different tickers on the market. While GME corresponds to the well-known video game retailer GameStop, KITTY derives from Gill’s online moniker, Roaring Kitty. Both tokens belong to the Solana blockchain ecosystem, but ROAR is built upon Ethereum, which is the second most extensively used cryptocurrency platform.
In 2021, Gill gained significant recognition as he championed the cause of GameStop (GME) when the company faced challenges in remaining pertinent amidst a short squeeze situation. The value of its stock had dropped significantly from its historical peak.
The investor, who had been absent from public view since several years ago, resurfaced this year with frequent social media posts and a series of X updates. During his absence, several meme coins featuring cats experienced significant growth. When he re-emerged on Reddit, the GME investor disclosed his holdings in GameStop stock and options. On June 7, after a three-year hiatus, the trader conducted a live YouTube stream for the first time.
His occasional posts continue to cause volatility in GameStop and Kitty-themed meme coins.
Currently, the price of GME was sitting at $0.00636 in the market, marking a significant increase of 10.58% over the past 24 hours based on CMC’s latest data. In contrast, the stock ended Tuesday with a closing price of $28.54, registering a 5.7% rise during regular trading hours.
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2024-07-17 10:30