Memecoins
The Roaring Kitty dog’s tweet was good news for memecoins, but…
- Keith Gill’s dog-themed tweet spurred price action in GME, pet memecoins and related stocks
- Dog-themed memecoins increased by 2.2%, while cat-themed memecoins increased by 16.2%
Retail investor Keith Gill, also known as Roaring Kittenis well known for his influential tweets that typically influence the shares of US video game company GameStop (GME), as well as GameStop-inspired stocks Solana [SOL] memecoin – GME.
However, this time, Gill’s post had a broader impact on the market. It allowed GME and other major pet care stocks and animal-inspired memecoins to immediately appreciate on charts.
Roaring Kitty is back!
On June 27th, Gill shared a tweet, one with a caricature image of a dog looking sideways and sticking out its tongue, without any caption.
Source: Roaring Kitty/X
Although Gill’s tweet was about nothing else, dog themed memecoinThe market capitalization rose to $36 billion, on the back of a 2.2% increase in just 24 hours.
On the contrary, cat themed memecoin the market capitalization rose to $2.4 billion, following a larger increase of 16.2% over the same period.
The impact exceeds expectations
At the same time, some pet-related stocks such as Chewy, Inc. and PetMed Express, Inc. also saw significant percentage increases. However, these gains were short-lived.
As expected, GameStop (GME) shares have sustained their peak in the charts, with the stock up 3.68% at the time of this writing.
As GME memecoin typically mirrors GME stock prices, it has also increased by 14.57% over the past 24 hours. The bullish trend of memecoin has been confirmed by the fact that the RSI has remained above the neutral level on the 4-hour chart.
Source: TradingView
Strange events
While many of the aforementioned memecoins have performed well, the best dog-inspired memecoins on the market – Dogecoin [DOGE] AND Shiba Inu [SHIB] – recorded only minimal gains of 3.4% and 1.2%, respectively.
On the other hand, the best cat-inspired memecoins like Mog coin [MOG] AND Michi [MICHI] have recorded massive increases of 25.9% and 38.65% respectively in the last 24 hours.
Finally, it is worth highlighting that AMBCrypto’s analysis of Santiment data confirmed the positive sentiment around these four memecoins, as indicated by their RSI trends.
Source: Santimento