GameStop Corp. Cl A (NYSE: GME) stock has been highly volatile lately, driven by the dramatic comeback of famed meme stock trader Keith Gill, also known as Roaring Kitty. After more than three years away from social media, Gill’s return has reignited excitement. This, along with frequent halts in GME trading on traditional exchanges, has fueled a surge in meme coin activity amid a bullish crypto market.
Roaring Kitty’s Influence on Meme Coins
Gill’s GME portfolio is nearing the $1 billion mark, sparking significant gains in GameStop-themed meme coins over the past 24 hours. One standout is the Solana-based Roaring Kitty (KITTY) coin, which soared nearly 300% to approximately $0.0344 by Friday.
Similarly, the Ethereum-based Roaring Kitty (ROAR) coin jumped over 126% in the same period, reaching around $0.00154.
The Solana-based GME (GME) coin also experienced a significant rally, increasing more than 115% to about $0.025. This surge was accompanied by a spike in daily trading volume, exceeding $357 million, and a market cap of around $202 million. Meanwhile, the Ethereum-based GME coin rose over 83% to trade at approximately $0.00006286.
Crypto FOMO and Market Implications
The rapid rise of these parody meme coins highlights the intense crypto FOMO (Fear Of Missing Out) sweeping the market. The meme coin industry has already achieved a market cap of nearly $69 billion, with a daily trading volume surpassing $5.8 billion.
Understanding the Market Dynamics
The fact that the US SEC has not taken any action against Gill suggests that the meme coin frenzy could spark a new altseason. Bitcoin dominance appears to be reversing, highlighted by significant gains in Ethereum (ETH) and BNB, indicating a potential shift in the market.
Buckle up, because this GameStop and meme coin story is far from over. Share your theories!
