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Roaring Kitty frenzy ignites meme coin market again, GME coin surges 224%

Compensation in the crypto industry falls short in latest report

The “Roaring Kitty” phenomenon has once again shaken the meme coin market, triggering a rapid surge in the value of Solana-based memecoin GME.

Keith Gill, better known online as “Roaring Kitty,” re-emerged on social media on Sunday evening, marking his first post since last month’s frenzy that impacted both traditional and cryptocurrency markets.

GME coin’s meteoric rise

Following Gill’s social media activity, GME, a memecoin that pays tribute to the 2021 short squeeze of GameStop Corp., experienced a dramatic increase in value.

According to data from CoinMarketCap, the cryptocurrency more than tripled within hours, pushing its market cap past $70 million, a 180% increase in the last 24 hours.

Trading volumes for GME also surged, increasing more than sixfold to $110 million.

At the time of writing, GME was trading at $0.01223, up 217% in the past 24 hours.

This significant uptick underscores the volatile nature of memecoins, which can see dramatic fluctuations based on social media influence and market sentiment.

What’s going on with Kitty AI?

The impact of Gill’s post extended beyond GME.

Other cryptocurrencies with names related to “Kitty,” such as Kitty AI, saw substantial gains despite having no direct connection to Roaring Kitty or GameStop.

Kitty AI more than doubled in value, highlighting the speculative nature of the meme coin market where trends can rapidly shift based on minimal triggers.

These developments once again highlight the ephemeral nature of memecoin rallies, which often depend heavily on social media hype.

Last month, similar coins saw significant gains following Gill’s posts but were unable to sustain their value beyond the initial excitement, leading to sharp declines soon after.

Market volatility and investor caution

The rapid rise in GME’s value and the subsequent increases in other memecoins underscore the inherent volatility and speculative risks associated with these digital assets.

While the potential for quick profits exists, investors should be aware of the equally high potential for rapid losses.

As the week progresses, market observers will be keenly watching the performance of GME and other related memecoins to see if the gains can be sustained or if they will follow the pattern of previous short-lived rallies.

The post Roaring Kitty frenzy ignites meme coin market again, GME coin surges 224% appeared first on Invezz

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