The recent resurgence of the “Roaring Kitty” frenzy has once again sent shockwaves through the meme coin market, with GameStop (CRYPTO: GME) experiencing a meteoric rise within hours of a social media post by the legendary trader.
Keith Gill, popularly known as “Roaring Kitty,” reemerged on social media on Sunday evening, marking his first post since the frenzy of last month that captivated both traditional and cryptocurrency markets. Almost immediately, the Solana-based memecoin GME, paying homage to the 2021 GameStop short squeeze by Roaring Kitty, saw its value more than triple, according to data from CoinMarketCap.
This surge propelled the cryptocurrency’s market capitalization beyond $70 million, marking a staggering 180% increase within just 24 hours. Trading volumes skyrocketed by more than sixfold, reaching $110 million.
The sudden surge in GME’s value was not an isolated event. Coins unrelated to Roaring Kitty or GameStop also experienced significant surges solely due to the buzz surrounding the term “Kitty.” For instance, Kitty AI more than doubled in value, showcasing the ripple effect of Roaring Kitty’s social media activity on the broader cryptocurrency market.
These developments underscore the volatile and speculative nature of memecoins, which can experience drastic fluctuations based on social media sentiment and hype. Last month, similar coins failed to sustain their gains beyond the initial surge, leading to subsequent declines. It remains to be seen whether these latest gains can be sustained as the week progresses.
In terms of price action, GME was trading at $0.01223 at the time of writing, reflecting a remarkable 217% increase over the past 24 hours. However, shares of GameStop experienced a slight dip of 0.82% during after-hours trading, as reported by Benzinga Pro.
As the frenzy surrounding Roaring Kitty continues to unfold, investors are reminded of the speculative nature of meme coins and the importance of conducting thorough research before participating in such volatile markets.