Roaring Kitten is back, $PEPE hits new highs!
After three years of absence, GameStop US stock trader Keith. After Keith Gill, whose online identity is Roaring Kitty, posted on his Twitter account again, the price of meme stocks and meme coins soared.
Roaring Kitten, which has been dormant since June 2021, posted a picture of a man holding a remote control and sitting forward on the evening of May 12. Users on Twitter and Reddit interpreted the tweet to mean that Roaring Kitten was entering a "lockdown" phase, where "lockdown" is an internet colloquial usage for concentration or concentration.
As soon as this tweet came out, not only did the US stock GameStop ($GME) surge by more than 100%, but meme coins in the crypto market also rose. Among them, the $PEPE meme coin has attracted the most attention. In the past 24 hours, the transaction volume has surged 245%, reaching 1.56 billion US dollars, and the market value has also risen to 4.31 billion US dollars, surpassing Ethereum Classic ($ETC) and becoming the 23rd largest market value. of cryptocurrency.
What exactly is the appeal of Roaring Kitten? Why can it be linked to meme coins in the crypto world? The reasons behind this are decrypted in one go.
Roaring Kitten and the GameStop Saga
Roaring Kitty, the man of the 2021 meme stock craze.
He posted an article through the Reddit sub-forum "WallStreetBets" and successfully called on thousands of small retail investors to fight against the large hedge funds on Wall Street, driving the prices of stocks such as GameStop and AMC to soar by more than 1,000% in a short period of time. However, in June of the same year, Roaring Kitten disappeared from the Internet world after posting a video of a kitten sleeping.
If you are interested in this period of history, you can watch the movie "Dumb Money" adapted from the true story of Roaring Kitten and GameStop.
This year, the roaring kitten reappeared, pushing GameStop's stock price to rise again, and even triggered a trading halt. It is worth mentioning that since the cryptocurrency market has no circuit breaker mechanism and no price limit, this phenomenon has triggered banter among players in the crypto.
In addition, in the crypto where speculation is prevalent, many GameStop-themed meme coins have appeared, such as GME Stonks, GameOver, and KiethGillWifHat, etc. Most of these coins are short-lived and disappear quickly.
Why are meme coins benefiting from the crypto world?
Simply put, the GameStop story is a classic example of the power of memes.
GameStop represents the story of small shrimps defeating big whales. This confrontational spirit is also reflected in the cryptocurrency market and has become a symbol of meme coins against Wall Street. GameStop's valuation has soared due to the crazy support of Roaring Kittens and small retail investors, which is ten or even a hundred times higher than the rational valuation. The only force behind this is "meme culture."
Roaring Kitten and his supporters are very similar to meme coin supporters. They do not rely on "rational analysis", "reasonable valuation" and "value investment" like ordinary investors, but are full of "enthusiasm" and "belief", hence the term "stupid money".
In the cryptocurrency world, such a group of supporters is called a "cult." The characteristic of cult members is that once they identify a target, they will loyally recruit others to join and will not sell their meme coins easily.
Most of these investors have the dream of getting rich from meme coins. In addition, meme coins also provide huge emotional value, such as the dog hat coin ($WIF) that quickly became popular at the end of last year. Regardless of the holder, All the major brands in the crypto wear the Dog Hat Coin’s signature fur hat on their head stickers, symbolizing that they are members of the Dog Hat community.
The crypto community believes that the emergence of Roaring Kitten this year has led to the rise of GameStop and meme coins. In addition, the encryption market can embody the meme spirit better than the US stock market (there is no suspension mechanism), which is equivalent to the beginning of the meme coin. A new sky.
In the market, many people believe that "history doesn't repeat itself, but it rhymes." In the last crypto bull market, Dogecoin ($DOGE) surged 100-fold in the three months following the GameStop frenzy, kicking off a crazy meme craze. Therefore, the crypto community naturally associates and binds the GameStop incident with meme coins. They believe that the same enthusiasm and power can be replicated in the crypto market.
References: cointelegraph , decrypt , coindesk , theblock
