Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
The return of a social media legend has sparked a frenzy in the cryptocurrency world, with memecoins referencing him surging in value.
What Happened: Keith Gill, better known online as “Roaring Kitty,” was a key figure in the 2021 meme stock rally, targeting companies like GameStop (NYSE:GME) with his online activity.
After a long hiatus, Gill’s return to social media sent shockwaves through the financial world, with a new cryptocurrency named after Roaring Kitty (ROAR) seeing a staggering 1400% increase according to CoinGecko data.
This particular coin, despite having no affiliation with the company, capitalized on the hype surrounding Gill’s return.
Gill’s return wasn’t just felt in the world of traditional finance.
The meme coin market, known for its volatility and ties to social media trends, responded with a surge in memecoins referencing both Gill and GameStop.
These meme coins, easily created and traded, can experience massive price fluctuations due to their small size and limited availability.
One such memecoin, simply called (CRYPTO: GME) is currently valued at $0.010.
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Why It Matters: The demand for meme coins has been steadily rising since late February, as investors flush with cash from established cryptocurrencies like Bitcoin and Ether look for new opportunities.
This trend mirrors the events of early 2021, when meme coins like Dogecoin (CRYPTO: DOGE) skyrocketed in value after endorsements from celebrities like Elon Musk.
The enthusiasm over Roaring Kitty was palpable on social media, with Twitter user Mike Schmidt commenting, “Imagine fading a Roaring Kitty coin on the biggest shitter chain during a cat szn with the GME legend back as the main character. Man this is fuckin hilarious.”
Similarly, the official wallstreetbets Twitter account shared, “My life savings is in the hands of a man that calls himself Roaring Kitty and I could not be more comfortable .”
Crypto enthusiasts and traders are keenly observing these developments.
According to Gaut, Roaring Kitty gained nearly 200,000 followers shortly after his post, suggesting a strong market reaction.
This sentiment was echoed by Size Chad, who linked the event to increased trading volumes on Robinhood, noting their partnership with Arbitrum.
Furthermore, Crypto Tea highlighted the broader implications of such movements, tweeting, “Roaring kitty posts a meme and $1 billion gets liquidated. Future of finance.”
These events demonstrate the growing intersection between cryptocurrency and traditional financial markets, driven largely by community engagement and speculation.
What’s Next: As the community gears up for the Benzinga's Future of Digital Assets event on Nov. 19, these developments will likely be a hot topic.
The event will delve into how digital assets are reshaping finance, influenced by social media and community-driven investment trends. Discussions will also cover the regulatory landscape that is struggling to keep pace with these rapid changes, ensuring a comprehensive dialogue on the future of finance in the era of meme stocks and cryptocurrencies.
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