On Monday, popular internet figure and marketer “Roaring Kitty” made a surprise return to social media that left the crypto market in shock and excitement.
His comeback post was followed by a series of cryptic videos, including catsm, which apparently fueled a price surge in cat-themed memecoins over the past 24 hours.
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Memecoin frenzy and market reaction
Keith Gill, known as “The Roaring Kitty,” returned to social media after a three-year hiatus posting the popular “leaning forward in chair” meme.
– Roaring Kitty (@TheRoaringKitty) May 13, 2024
His return drove GameStop’s meme stock price (GME) up 201% over the past day, as he was a major player during the 2021 meme stock frenzy.
Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported from News BTC, memecoins inspired by Wolverine soared after featuring the Marvel character in one of its editions.
Other major players in the sector saw green numbers in the following hours, such as Pepe (PEPE) and many of the highest market cap dog-themed memecoins.
As part of the ripple effect, the largest frog-themed memecoin was turned Solana (SOL) in its daily trading volume, recording a 238% increase in volume in the last day.
Furthermore, smart traders benefited from the surge after purchasing large amounts of tokens. According to Lookonchain, a whale purchased 195 billion PEPE, worth US$1.98 million, and had already obtained US$236 thousand in unrealized profits a few hours later.
Dog Days Are Over, Cat-Themed Memecoins Gain 16%
The impact of Roaring Kitty’s return didn’t stop with dog-themed memecoins. Several images and references to cats were part of the trader’s editions, driving a 16% increase in the cat-themed sector.
Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the list of top ten memecoins last month.
One of the editions of Roaring Kitty included a fragment of the song “Dog Days Are Over” by Florence + The Machine. Alongside the video, the merchant emphasized the lyrics: “The dog days are over, the dog days are over.”
– Roaring Kitty (@TheRoaringKitty) May 13, 2024
Additionally, he added images of cats, seemingly hinting that a future memecoin rally could be led by cat-themed memecoins rather than the usual dog-themed ones.
Whales hear the roar
Lookonchain reported that alongside GME, the memecoin Roaring Kitty (KITTY) soared 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant increase.
Popcat has seen a 24.4% and 276% increase in the one-day and monthly periods, while MichiCoin is up 38.9% in the last day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in daily trading. .
Among the biggest gainers were trader-inspired tokens. Ethereum-based SOAR soared over 1162% in hours, going from $0.00024830 to $0.0031338. This increase also represented a massive increase of 3,216.8% on the weekly time frame, with a similar increase in daily trading volume of 826%.
According to the report, whales took advantage of impulse and loaded their bags with these tokens. A whale withdrew SOL from Binance and purchased 490,400 POPCAT, worth around $235,472.
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Another major player, who had already earned 2,170 SOL, approximately US$320,000, on POPCAT, spent another 4,000 SOL, approximately US$592,000, to purchase POPCAT and MICHI tokens. The whale acquired 587.3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount.
Featured image from Unsplash.com, chart from TradingView.com