Keith Gill, popularly known as ‘Roaring Kitty,’ made a notable return to social media on Sunday evening. His post sparked a significant movement in the cryptocurrency market, particularly affecting the Solana-based meme coin GME. This token, dedicated to the 2021 GameStop short squeeze, saw its value more than triple following Gill's activity.
Quick Take
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GameStop-themed cryptocurrency GME surged 180% after Keith Gill, known as Roaring Kitty, re-emerged on social media.
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Within hours, GME’s market cap exceeded $70 million, and trading volumes surged over six times to $110 million.
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The frenzy also boosted other "Kitty" themed coins, with significant increases in their values.
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These dramatic fluctuations highlight the volatile nature of memecoins driven by social media influences.
GME/USD price chart | Source: Coinmarketcap
GameStop (GME) Memecoin Price Surge
Within hours of Roaring Kitty’s post, GME saw its market cap exceed $70 million, marking a 180% increase according to CoinMarketCap data. Trading volumes surged over six times, reaching $110 million. This rapid increase in value and trading activity reflects the strong influence of Gill’s social media presence.
Market Impact
The surge in GME’s value was not isolated. The frenzy also caused other unrelated "Kitty" themed coins to rise. For instance, Kitty AI surged by 131%, Kitty Coin Solana increased by 6.89%, and Kitty Inu saw a 3.61% rise in value. This broad impact underscores the powerful effect social media can have on cryptocurrency markets.
Volatile Nature of Memecoins
These dramatic fluctuations emphasize the volatile nature of memecoins, which can shift rapidly due to social media influences. Last month, similar coins experienced significant gains followed by sharp declines. Observers are keen to see if this trend will continue throughout the week.
Current Market Position
As of the latest update, GME was trading at $0.01005, marking a 12% drop in the last 24 hours. Meanwhile, according to Benzinga Pro’s data, GameStop shares were up 6.1% at the time of publication on Wednesday. The influence of figures like Roaring Kitty on the crypto market highlights the dynamic nature of this field.
Conclusion
The surge in GME’s value following Roaring Kitty's social media post highlights the volatile nature of memecoins and their susceptibility to social media influence. Investors should remain cautious and stay informed about the dynamic trends in the cryptocurrency market.
