Roaring Kitty-themed memecoins unfazed by GameStop Q1 earnings

As an analyst with extensive experience in the crypto and memecoin markets, I find the recent surge in prices for GME, KITTY, and ROAR to be an intriguing development. The triple-digit percentage increases over the past week are impressive, especially considering the slight decline in the overall memecoin market cap.

Three Roaring Kitty-inspired memecoins marked triple-digit price increases over the past week.

According to CoinGecko’s data, despite a modest decrease in the total value of meme coins, the market capitalizations of GME, KITTY, and ROAR experienced significant volatility, with each coin fluctuating more than 100% in value.

Three stocks, specifically GME, KITTY, and ROAR, have experienced significant gains in the last week, with increases of 445%, 817%, and 107% respectively. Their values have apparently been boosted by their connection to Keith Gill, the well-known GameStop trader, despite no formal relationship being established between them and the meme stock pioneer.

The stocks represented by the tickers GME and GameStop share the same symbol, while KITTY is modeled after Gill’s online moniker “Roaring Kitty”. Both tokens are native to the Solana blockchain, in contrast to ROAR which operates on Ethereum, the second largest cryptocurrency platform.

Roaring Kitty comeback

In early 2021, Gill gained recognition for rallying backing for GameStop (GME). The company, known for selling video games, faced challenges in staying relevant amidst a short squeeze situation. At that point, the stock price was significantly lower than its historic peaks.

The investor, who had been absent from the public sphere until this year, reemerged on social media with a string of posts about X. Coincidentally, several meme coins featuring cats saw significant growth during this investor’s return to the limelight. Amidst the excitement, the enigmatic GME investor revealed their holdings in GameStop stock and options on Reddit.

Roaring Kitty, DeepFuckingValue has updated his GameStop, $GME position.He is worth now over $586 MILLION, with a 219% gain so far. — unusual_whales (@unusual_whales) June 6, 2024

As of the latest update, my GameStop investment, which I’ve meticulously monitored, was worth over $500 million, quite an impressive figure. However, this came despite a significant 28% decrease in the company’s stock price on that particular day. The first-quarter earnings report from GameStop revealed a stark 29% decline in sales.

Should the price of GameStop (GME) shares reach $65, the worth of Gill’s holdings would surpass $1 billion. Moreover, Gill is set to make a comeback on YouTube Live after an absence of three years. The anticipation for this event is significant, with over 78,000 viewers already gathered in the waiting room as of now, preparatory to its 4 PM UTC start.

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2024-06-07 18:45