Memecoins
Meme coin supercycle or liquidity crisis? Experts discuss RoaringKitty’s return
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After a hiatus of almost two years, the trader known as RoaringKitty returned to social media on May 13th. Keith Gill, RoaringKitty’s true identity, is widely credited with fueling the surge in GameStop (GME) stock in late 2020, and his comeback was enough to push the price of GME up nearly 147% in 24 hours.
Furthermore, after his first publication, Gill began sharing cryptic videos that attracted the attention of well-known crypto investors, such as Ansem. This formed a landscape that it is seen by the trader who identifies himself as EllioTrades as preparation for a “meme coin super cycle”.
However, some investors in the crypto community have expressed concerns about movements in traditional finance that could drain liquidity from cryptocurrencies. Eneko Knörr, CEO and co-founder of Stabolut, shared with Crypto Briefing that the liquidity of the cryptocurrency market is unlikely to be substantially affected.
“Instead, it appears the return of meme stocks has brought attention back to meme coins, with PEPE trading at a surprising all-time high, for example. This parallel rise in both meme stocks and meme coins indicates that the excitement generated by RoaringKitty’s return is not limited to a single market, but rather is a broader phenomenon that transcends traditional boundaries,” explained Knörr.
Furthermore, the Stabolut co-founder believes that the cryptocurrency market is well equipped to absorb and respond to such changes in investor sentiment, another sign that liquidity will remain strong in cryptocurrencies. “In fact, the overlap between the meme and cryptocurrency communities could even lead to cross-pollination of investment ideas and strategies, further fueling the growth of both markets.”
A possible supercycle of meme money
Knörr highlights the impact that influencers and key opinion leaders (KOLs) have on the cryptocurrency industry, citing Max Keizer and Kris Marszalek, CEO of Crypto.com, as examples. Their voices, he adds, can influence market sentiment.
Therefore, RoaringKitty’s return combined with interactions with prominent cryptocurrency investors has the potential to spark a meme coin supercycle.
“The evolution of KOLs has led to a budding economy where influencers not only promote projects but also invest in them, often of course on favorable terms. This change has raised concerns about transparency and potential conflicts of interest, as many KOLs do not disclose their financial ties to the projects they promote. Despite these concerns, the influence of KOLs on the cryptocurrency market is undeniable, and research suggests they can have a significant impact on token prices and market trends.”
The impact mentioned by Stabolut’s co-founder is even more significant when it comes to meme coins, which often thrive on the enthusiasm and participation of influencer followers, and the endorsement of a prominent influencer can be a significant catalyst for their growth.
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