Memecoins
Roaring Kitty Frenzy Ignites Coin Market Again, GME Coin Rises 224%
2024-06-03 02:35:20 ET
THE ”
Roaring kitten
“The phenomenon once again shook the meme coin market, triggering a rapid increase in the value of Solana-based coins.
memecoin
GME.
Keith Gil
better known online as “Roaring Kitty,” reappeared on social media Sunday evening, marking its first post since last month’s frenzy that affected both traditional and cryptocurrency markets.
The meteoric rise of the GME coin
Following Gill’s social media activity, GME, a memecoin that pays homage to the GameStop Corp. short squeeze. in 2021, saw a dramatic increase in its value.
According to data from CoinMarketCap, the cryptocurrency more than tripled in a matter of hours, pushing its market capitalization past $70 million, an increase of 180% in the last 24 hours.
Trading volumes for GME also surged, increasing more than sixfold to $110 million.
At the time of writing, GME was trading at $0.01223, up 217% in the last 24 hours.
This significant rise highlights the volatile nature of memecoins, which can experience dramatic swings based on social media influence and market sentiment.
What’s going on with Kitty AI?
The impact of Gill’s message extended beyond GME.
Other cryptocurrencies with “Kitty”-related names, like Kitty AI, have seen substantial gains despite not having a direct connection to Roaring Kitty or GameStop.
Kitty AI has more than doubled in value, highlighting the speculative nature of the coin market where trends can change quickly based on minimal triggers.
These developments once again highlight the ephemeral nature of memecoin rallies, which often rely heavily on social media hype.
Last month, similar coins saw significant gains following Gill’s posts, but were unable to sustain their value beyond the initial enthusiasm, leading to sharp declines soon after.
Market volatility and investor caution
The rapid increase in the value of GME and the subsequent rise of other memecoins highlights the inherent volatility and speculative risks associated with these digital assets.
While the potential for quick profits exists, investors should be aware of the equally high potential for quick losses.
As the week progresses, market watchers will closely monitor the performance of GME and other related memecoins to see if the gains can be sustained or if they will follow the pattern of previous short-lived rallies.
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Roaring Kitty Frenzy Ignites Coin Market Again, GME Coin Rises 224%
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