“Roaring Kitty” revives trader euphoria, sparks memecoin surge

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Keith Gill

14th May 2024 – (New York) Keith Gill, the investor famously known as “Roaring Kitty” for his role in the memestock rally of 2021, has made a highly anticipated return to social media, reigniting excitement among traders. This time, the enthusiasm has spilled over into the world of cryptocurrencies.

CoinGecko data reveals that a cryptocurrency bearing GameStop’s name, logo, and ticker experienced a staggering surge of over 1,400% on Monday, despite having no official affiliation with the company. GameStop, a prominent memestock that Gill rallied day traders on Reddit to support, became a target for squeezing short sellers over two years ago.

Gill’s social media account posted an image on X, depicting a man leaning forward in his seat while holding a video game controller. Speculation on social media suggests that Gill may soon return to day trading, as his account had remained silent on X since June 2021.

Similar to their stock counterparts, the success of memecoins heavily relies on their popularity on social media. However, trading memecoins differs significantly—these tokens, characterized by their small size and limited market liquidity, can generate astonishing hourly gains and can be set up within minutes. For instance, the GME coin is currently valued at just $0.008212.

Since late February, demand for memecoins has skyrocketed as traders seek new avenues to capitalize on their profits from the remarkable surge in larger tokens like Bitcoin and Ether. Notable memecoins such as Dogwifhat’s WIF, Pepe, and Bonk have experienced significant increases in value.

CoinGecko reports that another token named “Roaring Kitty,” created in December, saw a remarkable rally of over 700% on Monday. Concurrently, GameStop shares more than doubled in response to Gill’s post.

This renewed trend, where traders shift their focus from stocks to cryptocurrencies, mirrors the pattern observed during the initial memestock frenzy in 2021. Dogecoin, for instance, surged by as much as 15,444%, reaching a peak of 73 cents in May 2021, up from $0.0047 at the beginning of that year, largely due to Elon Musk’s repeated endorsements on social media.