Bitrabo Editorial
Keith Gill, famously known as “Roaring Kitty,” has made a return to the scene after a short break, marking a momentous event with potential long-term consequences for meme coins.
Impact of Roaring Kitty’s Reappearance on Meme Coin Prices
Roaring Kitty shared his first post on his X platform on June 2, revitalizing meme coin markets just like he did in the prior month with his initial post. This resurgence saw a significant surge in various meme coin values.
GME, a meme coin rooted in Solana paying homage to the GameStop short squeeze of 2021, has witnessed a meteoric rise of over 200% in the past day, spurred by Roaring Kitty’s post. Additionally, its trading volume has soared by 1,200% in the same timeframe. GME has been a prominent gainer since Roaring Kitty’s earlier return, reaching a new all-time high in May.
The surge in GME’s value is linked to Roaring Kitty’s pivotal role in the 2021 GameStop short squeeze, where he and Reddit traders instigated a financial revolt against institutional short sellers. Moreover, other leading meme coins have also seen remarkable gains subsequent to Roaring Kitty’s recent communication.
Dogecoin (DOGE), amidst a prolonged downturn, observed a 2% price increase in the last 24 hours. Concurrently, Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI) have experienced gains of 4%, 5%, and 12% respectively.
Potential Outlook for Meme Coins
Crypto analyst Crypto Kaleo expressed in an X post that this resurgence could mark just the start of a substantial rally for meme coins. He cautioned crypto investors against disregarding DOGE and other meme coins should GameStop (GME) shares witness a significant surge following Roaring Kitty’s stock position disclosure.
In a Reddit post under his pseudonym ‘DeepFuckingValue,’ Roaring Kitty shared a snapshot indicating his acquisition of 5 million GME shares for $115.7 million and $65 million in GME calls, expiring on June 21.
Remarkably, GME’s stock surged during pre-market trading subsequent to Roaring Kitty’s revelation. According to Crypto Kaleo’s forecast, meme coins might experience further price hikes, especially if GME continues its upward trajectory post-market opening.
If Roaring Kitty initiates another meme coin frenzy akin to the 2021 episode when Shiba Inu recorded an unprecedented 460,000,000% price rise, newer meme coins like Dogwifhat and PEPE are projected to lead the charge.