Return of Roaring Kitty Sparks Explosion of Meme Coins 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 substantial price hikes in the past day.
The rise in meme coins indicates investor FOMO and a potential uptrend for alternative cryptocurrencies.
GameStop Corp. Cl A (NYSE: GME) stock has been incredibly volatile recently, driven by the comeback of the renowned meme stock trader Keith Gill, also known as Roaring Kitty. After an absence of over three years from social media, Gill’s return has sparked renewed interest. This, coupled with frequent halts in GME trading on traditional exchanges, has fueled a boom in meme coin activity amidst a bullish crypto market.
Influence of Roaring Kitty on Meme Coins
Gill’s GME portfolio is approaching the $1 billion mark, leading to significant surges in GameStop-themed meme coins over the past 24 hours. One standout example is the Solana-based Roaring Kitty (KITTY) coin, which surged by nearly 300% to reach around $0.0344 by Friday.
Similarly, the Ethereum-based Roaring Kitty (ROAR) coin saw a jump of over 126% in the same timeframe, reaching approximately $0.00154.
The Solana-based GME (GME) coin also experienced a notable rally, increasing by more than 115% to about $0.025. This surge was accompanied by a spike in daily trading volume, surpassing $357 million, and a market cap of around $202 million. Meanwhile, the Ethereum-based GME coin rose by over 83% to trade at approximately $0.00006286.
Crypto FOMO and Market Impact
The swift escalation of these satirical 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 by the US SEC against Gill suggests that the meme coin craze could usher in a new altseason. Bitcoin’s dominance seems to be waning, as evidenced by substantial gains in Ethereum (ETH) and BNB, signaling a potential shift in the market.
Hold on tight, as the GameStop and meme coin narrative is far from concluded. Share your insights!
Tags: Meme Coins