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Cryptocurrency News Articles
Roaring Kitty-Inspired Memecoins GME, KITTY, ROAR Mark Triple-Digit Price Increases
Jun 07, 2024 at 11:27 pm
Three Roaring Kitty-inspired memecoins marked triple-digit price increases over the past week. Despite a slight decline in the overall memecoin market cap, CoinGecko data showes that GME, KITTY, and ROAR whipsawed over 100%.
Three memecoins inspired by Keith Gill, the GameStop trader, have seen triple-digit price increases in the past week.
Despite a slight decrease in the overall memecoin market capitalization, CoinGecko data reveals that GME, KITTY, and ROAR have all surged by over 100%.
Associations with Gill appear to have aided the three tokens’ performance, even though they are not officially connected with the original memestock champion. On Friday, GME, KITTY, and ROAR are up 445%, 817%, and 107%, respectively, over the past week.
GME shares the same ticker symbol as the video game retailer GameStop, and KITTY is designed to resemble Gill's online alias, Roaring Kitty. Both tokens are built on Solana, while ROAR is deployed on Ethereum, the second-largest blockchain in the crypto space.
Gill gained immense popularity in 2021 for mobilizing support behind GameStop (GME). At the time, the video game retailer was struggling to maintain relevance during a short squeeze as its stock price was trading far below its all-time highs.
The trader disappeared from the public eye until this year, when he returned to social media with several posts on X. As several cat-themed memecoins surged amid Gill's comeback, the GME investor disclosed his GME stock and options positions on Reddit.
According to data, Gill's GameStop portfolio was valued at over $500 million despite a 28% decline in GameStop's stock price on the day. In its first-quarter earnings report, the company posted a sharp 29% sales decline.
If GME stock rises to $65 per share, the value of Gill's position could reach $1 billion. Additionally, Gill is set to host a YouTube Live stream for the first time in three years.
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