Roaring Kitty Returns as Meme Coins EXPLODE in GameStop Frenzy 20

Key Points
A resurgence in the popularity of meme stocks and the increasing price of GameStop shares have led to a surge in meme coins inspired by GameStop.
Various meme coins linked to GameStop and the trader have seen significant price hikes in the past day.
The rise in meme coins indicates investor FOMO and a potential boom for alternative cryptocurrencies.
GameStop Corp. Cl A (NYSE: GME) stock has been incredibly volatile recently due to the return of the well-known meme stock trader Keith Gill, also known as Roaring Kitty. Gill’s comeback after a three-year hiatus from social media has sparked renewed interest. This, combined with frequent trading halts for GME on traditional exchanges, has fueled a rise in meme coin activity amidst a bullish crypto market.
Impact of Roaring Kitty on Meme Coins
Gill’s GME holdings are close to hitting the $1 billion mark, leading to significant gains in GameStop-themed meme coins over the last 24 hours. One notable example is the Solana-based Roaring Kitty (KITTY) coin, which surged by nearly 300% to reach approximately $0.0344 by Friday.
Similarly, the Ethereum-based Roaring Kitty (ROAR) coin saw a jump of over 126% in the same timeframe, reaching around $0.00154.
The Solana-based GME (GME) coin also experienced a substantial rally, rising over 115% to about $0.025. This surge was accompanied by a spike in daily trading volume, surpassing $357 million, with a market cap of around $202 million. Meanwhile, the Ethereum-based GME coin increased by over 83% to trade at approximately $0.00006286.
Crypto FOMO and Market Impact
The rapid escalation of these parody meme coins underscores the strong crypto FOMO (Fear Of Missing Out) prevailing in the market. The meme coin sector has already reached a market cap of nearly $69 billion, with a daily trading volume exceeding $5.8 billion.
Understanding Market Dynamics
The absence of any action from the US SEC against Gill indicates that the meme coin craze could initiate a new altseason. Bitcoin’s dominance seems to be waning, as evidenced by significant gains in Ethereum (ETH) and BNB, signaling a potential market shift.
Hold on tight, as the GameStop and meme coin saga is far from concluded. Share your thoughts and predictions!
Tags: Meme Coins