News
Crypto Tokens Linked to GameStop and Cats Surge After Roaring Kitty Meme
- The social media return of Keith Gill, aka “Roaring Kitty,” has sparked a wave of crypto meme tokens.
- Microcap meme tokens with names like “GME” and “Roar” are up more than 1,000%.
- Most of the tokens were created in the last 24 hours as developers sought to take advantage of the spike in interest.
Thank you for signing up!
Access your favorite topics in a personalized feed on the go. download the app
Keith Gill’s We’ll be back on social media on Sunday has caused a surge in prices of a wide range of meme crypto tokens, which have created a wave on the Solana network over the past 24 hours.
THE “GMEThe meme token, which borrows from GameStop’s stock, traded up 1,247% on Monday on total volume of more than $70 million, according to data from CoinMarketCap. The token has no official affiliation with GameStop .
Another meme token created on the Solana network is “GIL“, which was created early Monday morning and grew more than 4,000% on total volume of about $7 million.
“ROAR” is another Solana-based meme token that was created on Sunday evening and is trading up 1,856% on total volume of around $12 million. And then there is “KITTEN,” which increased one thousand percent to a market value of more than $26 million.
The rapid creation of these thinly traded tokens appears to be an attempt to capitalize on the sudden interest in Gill, his internet persona, and GameStop. Given their lack of underlying value, these types of cryptocurrencies often end up nearly worthless, although developers can still profit from the immediate interest and price increases.
Gill’s tweet on Sunday – his first in nearly three years – also lit a fire under meme headlines like GameStopwhich rose to 119% on Monday, and AMC Entertainmentwhich jumped up to 18%.
Gill’s tweet depicted a man leaning forward in a chair playing a video game, perhaps a hint that he is taking GameStop shares seriously after they have fallen 92% from their January 2021 peak of $120.75 to $9 .95 in April.