Memecoins
Roaring Kitty-themed memecoins unfazed by GameStop’s first-quarter earnings
Three Roaring Kitty-inspired memecoins have seen triple-digit price increases in the past week.
Despite a slight decline in overall memecoin market capitalization, CoinGecko data shows that GME, KITTY and ROAR were more than 100% successful.
The three tokens have apparently benefited from association with GameStop trader Keith Gill, although no official affiliation exists with the original memestock champion. On Friday, GME, KITTY, and ROAR are up 445%, 817%, and 107% respectively over the past week.
GME shares an identical ticker with video game retail company GameStop, and KITTY is styled after Gill’s online alias Roaring Kitty. Both tokens are based on Solana, while ROAR lives on Ethereum, the second largest cryptocurrency blockchain.
The Return of Roaring Kitty
Gill became famous for organizing support behind GameStop (GME) in 2021. At the time, the video game retailer struggled to maintain relevance during a brief period of contraction as its stock price was well below highs historians.
The investor disappeared from the public eye until this year, returning to social media with a series of posts about X. Like some cat-themed memecoins blew up Upon Gill’s return, the GME investor revealed his positions in GME stock and options Reddit.
At the time of this writing, Gill’s GameStop portfolio was valued at more than $500 million despite a 28% decline fall in GameStop’s stock price that day. The company published a sharp 29% sales decline in the first quarter earnings report.
If GME stock rises to $65 per share, the value of Gill’s position could reach $1 billion. Additionally, Gill is hosting a live stream on YouTube for the first time in three years. Crypto.news noted over 78,000 people in the waiting room ahead of the event, scheduled for 16:00 UTC.