Solana’s CHWY surges 300% on Roaring Kitty Chewy filing

As an analyst, I find it fascinating how the world of meme stocks and cryptocurrencies continues to intertwine, creating unexpected market movements. In this instance, Roaring Kitty’s disclosure of a stake in Chewy Inc. has led to a significant surge in the price of the CHWY token on the Solana blockchain. However, it is essential to note that there seems to be little utility or connection between the Chewy stock and the memecoin other than the speculative frenzy surrounding Roaring Kitty’s influence.

Roaring Kitty’s CHWY stock disclosure skyrocketed another Solana memecoin. 

On Monday, shares of Solana-backed project Chewy (CHWY) surged by up to 500% following disclosure from meme stock trader ‘Roaring Kitty,’ or Keith Gill, of a 6.6% ownership stake in Chewy Inc. through an SEC filing. The Chewy token on the Solana platform primarily functions as a risky investment opportunity within the popular memecoin market.

Solana’s CHWY surges 300% on Roaring Kitty Chewy filing

On June 27th, Roaring Kitty shared an image of a canine depicted in a cartoon style on X. Subsequently, anonymous programmers developed the Chewy meme token between the 27th and 28th of June, drawing inspiration from Gill’s social media post to create its central theme.

— Roaring Kitty (@TheRoaringKitty) June 27, 2024

As an analyst, I’ve observed that Chewy, the newest Solana memecoin, has recently experienced significant price increases. This surge can be linked to Roaring Kitty, a well-known figure in the crypto community, although no formal association between Gill and the project has been confirmed. A similar trend emerged with other memecoins influenced by Roaring Kitty, such as GME, KITTY, and ROAR.

CHWY shareholder accused of GME stock manipulation

As a researcher examining the correlation between Solana’s CHWY price movements and Roaring Kitty’s legal troubles, I came across an intriguing connection. During the same period, Roaring Kitty, the well-known GameStop trader, was hit with a class-action lawsuit filed by Martin Radev. The accusation leveled against him was manipulation of GameStop stock via a “pump-and-dump” scheme instigated through bizarre social media posts on Reddit and another platform.

Roaring Kitty reportedly bought numerous GME stock options and subsequently returned to social media on May 12 to “hype up” their value, a practice known as “pumping. However, some filings suggest that Gill may have breached securities laws. Nonetheless, former federal prosecutor Eric Rosen has casted doubts over the validity of this lawsuit.)

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2024-07-01 19:32