- Memecoins ran hot to start 2024, with projects like BONK, Pepe and Dogwifhat recording significant gains.
- The catalyst behind GME’s infamous 2021 short squeeze, Roaring Kitty, has returned to the scene after a three year hiatus.
- His comeback immediately pushed the price of several stocks and cryptocurrencies up, including GME (both the crypto and regular version) as well as PEPE.
- Crypto analysts believe that Roaring Kitty’s return may be the start of a positive trend for memecoins.
Ahh, memecoins. The thing about them is, no matter which way you lean, there’s no escaping them in the crypto market.
Such is their cultural significance that even the most useless projects can gain some sort of sway among the community. And it’s been a hot start to 2024 for several tokens, as Solana entrenched itself as the home to most popular memecoin projects.
However, with the market cooling over the past few weeks, some may be avoiding memecoins like the plague. But prominent crypto analyst and YouTube commentator Crypto Banter believes that several events are creating a perfect storm for crypto’s favourite jokes to go on another bull run in 2024.
Related: Memecoins, Election Hype, Will Drive Solana to $400, Analyst Forecasts
Roaring Kitty Returns to Send Memers Into a Frenzy
If you weren’t following the GameStop short squeeze in 2021, here’s a quick refresher:
- Roaring Kitty, the pseudonym for a Reddit user, discovered that several Wall St hedge funds held short positions against GameStop, an iconic video game retailer.
- Wanting to prevent GameStop from bankruptcy, while delivering a drive-by to the US’s largest financial institutions, Roaring Kitty spurred the Reddit and Twitter community to start purchasing GameStop stock (GME).
- The broader public caught onto the trend as the stock price ran, gaining thousands of percentage points in a matter of days.
- The hedge funds were forced to join the frenzy and buy GME themselves, or risk losing millions thanks to their short positions.
Roaring Kitty disappeared as the hype died down, and GameStop avoided bankruptcy.
But for the first time in years, he’s back, and the crypto market couldn’t be happier.
Within minutes of the Chosen One making his reappearance, the floodgates opened. GME was trading 100% higher within 24 hours, while cryptocurrency’s Solana-based tribute token, also called GME, spiked a whopping 1,900%.
Even as the rest of the market sits in the red over the past week, memecoins like Pepe (up 9.51%), FLOKI (up 5%) are defying the trend.
According to Crypto Banter, this may be a sign of things to come. Roaring Kitty’s return, and his immediate impact, suggests that large parts of the community are open to opposing Wall St and the financial status quo.
Nobody knows exactly what the infamous mastermind behind the GME short squeeze has in store.
But one thing’s for sure – it’s gonna be entertaining.
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Source:
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