Roaring Kitty Returns as Meme Coins EXPLODE in GameStop Frenzy 20

Key Points
The resurgence of a well-known meme stock trader and the increasing GameStop stock price have led to a surge in meme coins inspired by GameStop.
Various meme coins linked to GameStop and the trader have seen notable price rises in the past day.
The uptrend in meme coins indicates investor FOMO and a potential boom for alternative cryptocurrencies.
GameStop Corp. Cl A (NYSE: GME) stock has been exceptionally volatile recently, driven by the return of the famous meme stock trader Keith Gill, also known as Roaring Kitty. Following a more than three-year absence from social media, Gill’s comeback has reignited enthusiasm. This, combined with frequent halts in GME trading on traditional exchanges, has sparked increased activity in meme coins amidst a bullish crypto market.
Roaring Kitty’s Impact on Meme Coins
Gill’s GME portfolio is on the verge of hitting the $1 billion mark, leading to significant gains in GameStop-themed meme coins within the last 24 hours. One notable example is the Solana-based Roaring Kitty (KITTY) coin, which surged by almost 300% to reach approximately $0.0344 by Friday.
Likewise, the Ethereum-based Roaring Kitty (ROAR) coin saw a leap of over 126% in the same timeframe, reaching around $0.00154.
The Solana-based GME (GME) coin also witnessed a substantial rally, climbing over 115% to about $0.025. This surge was accompanied by a spike in daily trading volume, surpassing $357 million, and a market capitalization of roughly $202 million. Meanwhile, the Ethereum-based GME coin surged by more than 83% to trade at approximately $0.00006286.
Crypto FOMO and Market Ramifications
The rapid ascent of these humorous meme coins underscores the intense crypto FOMO (Fear Of Missing Out) sweeping through 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 lack of action from the US SEC against Gill suggests that the meme coin craze could ignite 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 finished. Share your insights!
Tags
Meme Coins