Benzinga - by Abbey Higginbotham, Benzinga Staff Writer.
Keith Gill, popularly known as ‘Roaring Kitty,’ re-emerged on social media on Sunday evening, sparking an influential movement in the cryptocurrency market. His post notably affected the Solana-based meme coin GME, dedicated to the 2021 GameStop short squeeze, causing its value to more than triple.
Market Reaction and Statistics Within hours of Gill’s post, the GME cryptocurrency saw its market cap exceed $70 million, a 180% increase according to CoinMarketCap data. Trading volumes surged over six times to reach $110 million. This frenzy also caused unrelated “Kitty” themed coins to rise. For instance, Kitty AI surged by 131%, Kitty Coin Solana increased by 6.89%, and Kitty Inu saw a 3.61% rise in value.
Implications for Memecoins These dramatic fluctuations emphasize the volatile nature of memecoins, which can shift rapidly due to social media influences. Last month, similar coins saw significant gains followed by sharp declines. Observers are keen to see if this trend will continue throughout the week.
Current Market Position As of the latest update, GME was trading at $0.01005, marking a 12% drop in the last 24 hours. Meanwhile, according to Benzinga Pro’s data, GameStop shares were up 6.1% at the time of publication Wednesday.
The influence of figures like Roaring Kitty on the digital asset market emphasizes the dynamic nature of this field. As the industry continues to evolve, events like Benzinga’s Future of Digital Assets provide crucial platforms for discussion, networking, and growth.
Networking and Deal-Making Opportunities In light of these market movements, industry stakeholders are preparing for Benzinga’s Future of Digital Assets event in New York City on Nov. 19. This one-day event at Convene Brookfield Place at 225 Liberty Street promises to gather key figures in digital asset innovation and finance.
The event offers unparalleled networking opportunities, with 1,000 capital markets leaders and 4,000 one-on-one meetings scheduled. Attendees can also engage in speed dating networking sessions, executive roundtables, and exclusive speaker office hours.
Participants will explore the evolution of digital assets and their role in diversifying portfolios, including investments in art, trading cards, mortgages, and luxury cars. This event aims to provide a comprehensive understanding of money’s current and future state.
Now Read: EXCLUSIVE: Citron Research’s Andrew Left Is Short GameStop Again
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