Meme Coins Rally as Roaring Kitty Returns to X

A recent post by Keith Gill, also known as Roaring Kitty, on the platform X, has sparked a significant surge in GameStop and AMC-themed memecoins. GME, a Solana-based meme coin with no ties to the American video game company, saw its value increase by over 70% to $0.7672. This rally was accompanied by a substantial 203% hike in its daily trading volume, reaching $51.23 million.

Other Meme Coins Benefit from Roaring Kitty’s Return

Meanwhile, GME (Ethereum), a similar meme coin on the Ethereum network, experienced a significant surge of over 51%, reaching an all-time high of $0.0002487 on December 6. However, it has since dropped by 21%. Other meme coins, such as AMC, KITTY, and ROAR, also saw substantial gains, with AMC rallying over 50% and KITTY and ROAR jumping over 45%.

These meme coins rallied after Gill’s December 6 X post, marking his first post on the platform in three months. Although the post did not mention the tokens, the crypto sector has a history of responding to Gill’s posts with similar rallies.

Roaring Kitty’s Influence on Meme Coins

Gill’s influence on these meme coins stems from his role in the 2021 meme stock frenzy, where he became a symbol of retail traders’ uprising against Wall Street short-sellers. Known for his detailed analysis of GameStop’s potential and his viral posts, Gill played a pivotal role in the GameStop short squeeze that saw the stock skyrocket to over $81.

Altcoin Season and Investor Caution

These gains come as the cryptocurrency sector seems to be pivoting towards altcoin season, as evidenced by the Altcoin Season Index, which recently hit an all-time high of 87. However, investors need to be cautious as these gains are often short-lived. Some tips for investors include:

  • Conduct thorough research before investing in meme coins.
  • Be aware of the potential for short-lived gains.
  • Monitor market trends and adjust investment strategies accordingly.

Similarly, in September, these tokens rallied following Gill’s X post but lost almost all of the gains in a little over a week as the excitement waned. Beyond the crypto space, Gill’s return pushed GameStop (GME) shares over 16% on the day, reaching a high of $30.87 before settling at $28.60, while AMC Entertainment (AMC) recorded a 12% jump to $5.55.

For more news and updates on the cryptocurrency sector, visit Global Crypto News.

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