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GameStop Wif Hat meme coin soars 47,000%, then crashes
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Solana meme coin GameStop Wif Hat (GMEWIFHAT) showed stellar growth this Tuesday, with its price surpassing 40,000%. However, at the time of writing, GMEWIFHAT’s lead is only 131%.
The price increase is linked to the return of RoaringKitty, the trader is widely credited with fueling GameStop’s stock surge in late 2020 along with the “WallStreetBets” subreddit, whose real identity is Keith Gill. Another meme coin that has benefited from this fact is the Roaring Kitty Wif Hat (RWIF), which is currently up 32,424%.
Additionally, both meme coins borrow the “hat” factor made popular by the Dogwifhat (WIF) token, which is the largest meme coin on Solana by market cap, achieved after a price jump of over 181,000%.
Cat coin hypercycle?
User X known as EllioTrades shared with her over 750,000 followers, her meme coin market thesis following RoaringKitty’s return. According to EllioTrades, the man behind the WallStreetBets episode shared that “the dog days are over” in one of the videos posted after his return.
“Now, on the surface, this could be seen as a simple announcement of his return (as a cat). Perhaps the Dogs are actually referencing Wall Street elites. It doesn’t really matter. Memes thrive on IYKYK-style attention gambits and the prominence of the post-Dumb Money film Roaring Kitty coming to Netflix is at levels beyond anything we’ve seen before,” said EllioTrades.
Therefore, EllioTrades explained that it will add exposure to all the cat-themed coins it currently holds. He also thinks the market has not yet started its bull cycle, with more upward moves expected to happen in the coming months.
Furthermore, the trader predicted that once the new generation of traders starts flowing into crypto from social platforms like TikTok, memes that are popular among “Gen Z” will bring the most profitable meme coins to life.
“The first real example I saw of this was $HAMMY (Sad Hamster), which I bought because my wife shows me that hamster crying literally all the time on TikTok. As dumb money trading goes viral again, the next generation will bring the “REAL” memes that actually go viral on social media. They will change the game to one where they have an advantage, as any new group would try to do”, he concludes.
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