Memecoins
Roaring Kitty in trouble? GME frenzy slows as regulators intervene
- GME surged 1,500% after Roaring Kitty’s post, showing high volatility.
- Massachusetts regulator to probe Roaring Kitty’s GameStop operations.
After seeing an increase of over 300% in the value of GameStop [GME] memecoin on June 3, GME is down 25.27% in the last 24 hours.
While the surge was attributed to posts by Keith Gill, aka Roaring Kitty, the subsequent decline followed news that financial services firm E*Trade is considering banning him. The Wall Street Journal.
Massachusetts Secretary of State Bill Galvin, the state’s top securities regulator, also reportedly plans to look into Gill’s business activities.
The community is not happy!
However, not everyone was happy with Gill’s ban, as highlighted by user X Quantitative quiverwho observed,
“We have identified dozens of suspicious stock trades by politicians and none of them have been investigated.”
Joining a similar line of thought, another user Dave Portnoy he expressed his aggression and said:
“E*Trade doesn’t want you to make money. E*Trade is the worst.”
The impact
Despite GME’s current decline, it has seen a notable increase of over 1,500% following May’s Roaring Kitty post.
However, analysis of recent data from AMBCrypto indicates a decline in both social volume and social dominance.
Source: Santimento
Interestingly, the drop in GME price had no impact on the overall memecoin market, which saw a 4.3% increase in the last 24 hours, bringing the market capitalization to $68.7 billion according to CoinGecko.
Major memecoins like it Dogemoneta [DOGE], Shiba Inu [SHIB]Pepper [PEPE]and Floki [FLOKI] have been showing green candles on their daily charts, with several coins posting gains of more than 20% in the last 24 hours.