Memecoins
GameStop Meme and Cat-Themed Coins Explode with Double-Digit Gains
Three Roaring Kitty-inspired meme coins have seen double-digit price increases over the past day.
Amid a slight increase in the overall market capitalization of meme coins, CoinMarketCap (CMC) data shows that GME, KITTY and ROAR are also up more than 10%.
All three tokens appear to have benefited from their affiliation with GameStop trader Keith Gill despite having no official affiliation with the original meme stock champion. On Wednesday, GME, KITTY, and ROAR were up 10%, 20%, and 15%, respectively, from the previous day.
GME uses the same ticker as video game retailer GameStop, while KITTY is based on Gill’s online nickname, Roaring Kitty. Both tokens are based on Solana, but ROAR is based on Ethereum, the second-largest cryptocurrency blockchain.
Gill rose to prominence in 2021 when he rallied support for GameStop (GME). At the time, the video game retailer was struggling to stay relevant during a short squeeze as its stock price was well below its all-time high.
The investor disappeared from the public scene until this year when he reappeared on social networks with a series of X-rated publications. Like many Cat-themed coins have increased in value Upon Gill’s return, the GME investor revealed his positions in GME shares and options on RedditOn June 7, the trader broadcast a livestream on YouTube for the first time in three years.
His occasional posts continue to provoke GameStop volatility and Kitty-themed meme coins.
At the time of writing, GME was trading at $0.00636, up 10.58% in the previous 24 hours, according to data from CMC. GameStop stock closed up 5.7% at $28.54 during regular trading hours on Tuesday.