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Roaring Kitty’s return triggers meme coin surge, GameStop stock surge
O meme coin sector emerged as a rare winner the day before, despite the broader market drawdown that pushed up the prices of major digital assets such as Bitcoin below.
The rise of these meme assets can be attributed to the unexpected resurgence of Keith Gill, aka Roaring Kitty and DFV, who played a pivotal role in starting the GameStop short squeeze 2021.
Game Stop 2.0?
On May 13, Gill resurfaced on social media with a cryptic meme depicting a gamer in a focused stance, followed by a video of Thanos saying, “Alright, I’ll do it myself” and a clip of Wolverine.
Gill was instrumental in the GameStop saga during the COVID-19 pandemic. At the time, Reddit traders disrupted hedge funds profiting from short selling GameStop sharesresulting in the share price increasing by over 1,000% in less than a month.
After his return, GameStop shares rose more than 100%. Kobeissi Letter observed:
“Gamestop added $6 BILLION in market capitalization during today’s session… Shares are up 31% in after-hours trading and 130% today. Gamestop is now one of the 600 largest public companies in the US.”
meme coin rally
Gill’s return generated a notable gain among meme coins. According to data On CryptoSlate’s list of top earners, lesser-known meme coins such as MOG Coin, Popcat, and Book of Meme dominated the day’s list.
Also, most popular meme coins like Dogecoin, Shiba Inu, Pepêand Floki also made substantial gains during this period.
Additionally, the “GameStop” token on Solana, with the ticker GME, has soared an astonishing 1,900% in the last 24 hours. Notably, blockchain analytics firm Arkham Intelligence identified a trader who made a substantial profit of over $500,000 by purchasing $30,000 of the Solana GME memecoin following the resurgence of Roaring Kitty.
Meanwhile, crypto analyst Lookonchain suggested that the next season of MEME will be cat-themed because Roaring Kitty’s most recent videos mentioned that “The dog days are over, the dog days are over,” and cats also appeared in the videos.
The analyst highlights a trend where prominent investors gravitate toward cat-themed meme coins such as Popcat, Maneki, and Kitty, as evidenced by increased whale activity in these assets.