Influence of Memecoins and Roaring Kitty
Recent trends show a notable rise in memecoins, influenced by GameStop, a renowned video game retailer known for its 'meme' stock. The surge in memecoins can be attributed to Keith Gill, recognized as Roaring Kitty in the online streaming sphere, who shared fresh content across various platforms, triggering a wave of interest. Gill's recent disclosure highlighted a substantial increase in his stake in GameStop shares and options trading under the GME ticker, reaching an impressive value of $586 million.
According to experts at 10xResearch, if the stock price of Gill's chosen company reaches $70, he could potentially achieve billionaire status. Currently, GameStop's stock price hovers around $46.5 as of May 7th.
The GME memecoin, deployed on the Solana blockchain, exhibited a remarkable 140% growth within a 24-hour period following Gill's content release. With a trading volume amounting to $300 million during this timeframe, the memecoin's market cap surpassed $180 million. It is worth noting that although unrelated, Memecoin utilizes the same stock ticker (GME) as GameStop.
In addition to GME memecoin, tokens linked to Roaring Kitty or other 'meme' company names like ROAR, KITTY, and AMC observed multiple price hikes in response to the trader's announcements.
A significant event unfolded on May 13 when a memecoin named Roaring Kitty surged by a hundredfold following Gill's return to social media after a three-year hiatus, garnering over eight million views in a short span. The GME token associated with GameStop's stock started gaining traction on June 3, witnessing a substantial price surge of 200% following Gill's initial revelation of his position's value. Introduced on the Solana blockchain, Memecoins are among the meme tokens exclusively tradable on decentralized exchanges (DEXs).
Keith Gill gained widespread recognition in 2021 when investors took note of the online videos he shared and decided to invest in GameStop. Consequently, GameStop's stock garnered immense attention and experienced a meteoric rise in value, escalating from $20 to $483 within just two weeks in January of the same year.
