News
GameStop-themed cryptocurrency surges following Roaring Kitty’s social media activity
Keith Gillpopularly known as “Roaring Kitty”, resurfaced on social media Sunday evening, triggering an influential movement in the cryptocurrency market. His post particularly affected the Solana-based GME meme coin dedicated to the 2021 GameStop short squeeze, causing it to more than triple in value.
Market reaction and statistics
Within hours of Gill’s post, the GME cryptocurrency saw its market capitalization surpass $70 million, up 180% according to CoinMarketCap data. Trading volumes increased more than sixfold to $110 million. This frenzy has also caused the rise of unrelated “Kitty” themed coins. For example, Kitty AI increased by 131%, Kitty Coin Solana increased by 6.89%, and Kitty Inu increased in value by 3.61%.
Implications for Memecoins
These dramatic fluctuations highlight the volatile nature of memecoins, which can change rapidly due to social media influences. Last month, similar coins recorded significant gains followed by sharp declines. Observers are eager to see whether this trend will continue throughout the week.
Current market position
According to the latest update, GME was trading at $0.01005, marking a decline of 12% in the last 24 hours. Meanwhile, second Data from Benzinga ProGameStop shares were up 6.1% at the time of publication on Wednesday.
The influence of figures like Roaring Kitty on the digital asset market highlights the dynamic nature of this field. As the industry continues to evolve, events like Benzinga’s Future of Digital Assets provide crucial platforms for discussion, networking and growth.
Networking opportunities and deal making
In light of these market movements, industry stakeholders are preparing The future of digital assets according to Benzinga event in New York City on November 19. This one-day event at Convene Brookfield Place at 225 Liberty Street promises to bring together key figures in digital asset innovation and finance.
The event offers unprecedented networking opportunities, with 1,000 capital markets leaders and 4,000 one-on-one meetings scheduled. Attendees can also participate in speed dating networking sessions, executive roundtables, and exclusive speaker office hours.
Participants will explore the evolution of digital assets and their role in diversifying portfolios, including investments in art, trading cards, mortgages and luxury cars. This event aims to provide a comprehensive understanding of the current and future state of money.
Now read: EXCLUSIVE: Citron Research’s Andrew Left is short GameStop again
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