Roaring Kitty’s CHWY Stock Disclosure Boosts Solana Memecoin

The Solana-based project Chewy (CHWY) saw a significant rise of up to 500% on Monday. This surge followed meme stock trader Keith Gill, also known as ‘Roaring Kitty,’ disclosing a 6.6% ownership stake in the online pet retailer Chewy Inc. through an SEC filing. The Chewy token on Solana primarily serves as a speculative asset in the rapidly growing memecoin ecosystem.

On June 27, Roaring Kitty posted a cartoon-style dog image on X. Anonymous developers created the Chewy meme token around this time, leveraging Gill’s social media post as the token’s central theme.

Chewy was the latest Solana memecoin to record gains linked to Roaring Kitty, although no official connection between Gill and the project has been confirmed.

Similar activity has been observed with other Roaring Kitty-inspired memecoins like GME, KITTY, and ROAR.

Legal Challenges for Roaring Kitty

The rise of Solana’s CHWY coincided with legal issues for Roaring Kitty. Keith Gill faces a class-action lawsuit filed by Martin Radev. The lawsuit alleges that Gill manipulated GameStop stock by orchestrating a “pump-and-dump” scheme through social media posts on Reddit and X.

According to the complaint, Roaring Kitty allegedly bought numerous GME stock options and returned to social media on May 12 to “pump his bags.” While the filers claim Gill violated federal securities law, former federal prosecutor Eric Rosen has expressed doubts about the lawsuit’s validity.

For more updates and news on cryptocurrencies, investing, and finance, explore more on Global Crypto News.

Post Views: 7