Benzinga – The “Roaring Kitty” mania rippled across the meme coin market, causing coins themed on kitty avatars to soar to unprecedented heights.
What Happened: Coins, which had nothing to do with either Roaring Kitty — the social media nickname of retail trader Keith Gill — or Gamestop, the company at the center of the well-known short squeeze in January 2021, began climbing solely due to the buzz surrounding the word “Kitty.”
| Cryptocurrency | Gains +/- | Price (Recorded at 12:30 a.m. EST) |
| Roaring Kitty (CRYPTO: ROAR) | +545% | $0.001459 |
| Kitty Coin Solana (CRYPTO: KITTY) | +126% | $$0.0009446 |
| Kitty AI (CRYPTO: DOGE) | +10.6% | $0.0002691 |
Ethereum-based Raoaring Kitty was the largest gainer in the memecoin space, exploding 545% over the last 24 hours, according to data from CoinGecko. Similarly, Solana-based Kitty Coin Solana was up 126% in the said timeframe, ranking as the third-best-performing coin in the space.
Amid these astronomical gains, on-chain tracking site Lookonchain revealed how a trader purchased a large amount of KITTY moments before the tweet from Roaring Kitty–the event that sparked the euphoria.
The “lucky” trader then sold a significant portion of his stash when prices pumped, leading to a massive 32x jump in profits.
The MEMEcoin $KITTY is up over 6000% due to the return of @TheRoaringKitty on Twitter.
A lucky guy spent 21.1 $SOL($3K) to buy 17.4M $$KITTY before @TheRoaringKitty tweeted.
After $KITTY surged, he sold 12.8M $KITTY for 294 $SOL($41K), with 4.6M $KITTY($56K) left.
The profit… pic.twitter.com/TemTMpWgW7
— Lookonchain (@lookonchain) May 13, 2024
remove ads
.
Why It Matters: The phenomenon reaffirmed the volatile and speculative nature of meme coins, requiring just a social media post to swing wildly.
While they appear enticing to a lay investor during periods of hype, questions remain regarding the sustainability of the surge. It would be interesting to observe how long these new kitty-themed tokens can keep their upward trend.
Image Courtesy: Pixabay
It was observed that the more established meme coins seem to show greater resilience during weak markets.
Read Next: GameStop Stock Pumps, But What About The GameStop Meme Coin?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
