The “Roaring Kitty” frenzy is set to shake the meme coin market again, with GameStop (CRYPTO: GME) exploding within hours of a social post by the legendary trader.
What Happened: Keith Gill, better known online as "Roaring Kitty," became active on social media on Sunday evening, marking his first post since last month's mania that drove both the traditional and cryptocurrency markets.
In no time, Solana (CRYPTO: SOL)-based memecoin GME, which pays tribute to the 2021 short squeeze of GameStop Corp. (NYSE:GME) by Roaring Kitty, more than tripled in value, according to data from CoinMarketCap.
The surge pushed the cryptocurrency's market cap past $70 million, representing a 180% increase in the last 24 hours. Trading volumes shot up by more than 6X to $110 million.
Coins, which had nothing to do with either Roaring Kitty or Gamestop, began to surge solely due to the buzz surrounding the word "Kitty." Kitty AI more than doubled in value.
Why It Matters: These developments once again brought to light the flaky nature of memecoins, which can fluctuate dramatically with just a social media post.
Last month, the aforementioned coins couldn't sustain the gains past the initial euphoria and cratered soon after. It would be interesting to observe their growth as the week begins.
Price Action: At the time of writing, GME was trading at $0.01223, up 217% in the last 24 hours. Shares of GameStop traded 0.82% lower during after-hours, according to data from Benzinga Pro.
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