Memecoin Frenzy And Market Reaction
Keith Gill, known as “The Roaring Kitty,” returned to social media after a three-year hiatus by posting the popular “leaning forward in the chair” meme.— Roaring Kitty (@TheRoaringKitty)His comeback propelled GameStop’s meme stock (GME) price to rise 201% in the past day, as he was a major player during the 2021 meme stock frenzy.
Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported by News BTC, Wolverine-inspired memecoins soared after featuring the Marvel character in one of his edits.
Dog Days Are Over, Cat-Themed Memecoins Gain 16%
The impact of Roaring Kitty’s return didn’t stop at the dog-themed memecoins. Several images and references to cats were part of the trader’s edits, fueling a 16% surge in the cat-themed sector.Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the top-ten memecoins list in the past month.
One of Roaring Kitty’s edits included a fragment of Florence + The Machine’s song “Dog Days Are Over.” Alongside the video, the trader emphasized the lyrics, “The dog days are over, the dog days are done.”— Roaring Kitty (@TheRoaringKitty)Additionally, he added cat images, seemingly insinuating that a future memecoin rally could be led by cat-themed memecoins instead of the usual dog-themed ones.
Whales Hear The ROAR
Lookonchain that, alongside GME, the memecoin Roaring Kitty (KITTY) skyrocketed 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant surge. Popcat has registered a 24.4% and 276% increase in the one-day and monthly timeframes, while MichiCoin surged 38.9% in the past day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in the daily trading volume. Among the top gainers were the tokens inspired by the trader. The Ethereum-based SOAR skyrocketed over 1162% in hours, going from $0.00024830 to $0.0031338. This surge also represented a massive 3216.8% increase in the weekly timeframe, with a similar daily trading volume increase of 826%.Per the report, whales took advantage of the momentum and loaded their bags with these tokens. One whale withdrew SOL from Binance and bought 490,400 POPCAT, worth around $235,472.
Another big player, who had previously made 2,170 SOL, about $320,000, on POPCAT, spent another 4,000 SOL, approximately $592,000, to buy POPCAT and MICHI tokens. The whale acquired 587,3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount.