GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%.  Fueling this rally is the return of the influential social media figure Keith Gills “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins.  GameStop Memestock Frenzy The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds.  Keith Gill’s “TheRoaringKitty” account and the subreddit WallStreetBets played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year.  While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures. Related Reading: Investment Firm Makes Bitcoin Its Strategic Reserve Impact On Price According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, skeptics were up an estimated $400 million from January to April before slipping into the red by Monday morning. The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania.  As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range. Roaring Kitty’s Ripple Effect Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows.  Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release. Related Reading: Is The Bitcoin Bottom In? Analyst Reveals Key Price Levels To Watch Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data.  For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of $0.00001077 during early Monday trading. Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday.  The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges.  Featured image from Shutterstock, chart from TradingView.com

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Hedge Funds Fall For The Memecoin Frenzy: Mind-Boggling Returns Tempt Financial Giants

In a recent Bloomberg report, it has come to light that the hedge fund industry is increasingly drawn to the allure of the memecoin sector, given the recent price increases and substantial profits that surpass those of Bitcoin (BTC) or the largest altcoins in the market. Memecoin Mania One example of the appeal of memecoins [...]

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Crypto Analyst Unveils 7 Memecoins To Turn $1,000 Into $1 Million

In a post via X (formerly Twitter), crypto analyst cyclop (@nobrainflip) has shared a bold prediction and personal success story with his 370,000 followers. Cyclop revealed a staggering $2.5 million profit from an initial investment of $8,000 within a year, attributing a significant portion of this success to investments in Solana-based meme coins. Cyclop’s statement reads, “I made $2.5 million from $8,000 in a year. Most of the profit was made on $SOL meme coins 3 months ago: x400 on ANALOS, x30 on POPCAT, x8 on SILLY. Solana meme season is back, and many memes have 100x+ potential.” Before delving into the list of recommended meme coins, cyclops issued a cautionary note, hinting at the volatile nature of these investments. Despite acknowledging the inherent risks, cyclop emphasized the unprecedented earning potential of memecoins, stating, “Many believe that memecoins are just a gamble […] However, I think it is the best way to earn in crypto if you learn when to buy and what to buy. And here’s why: ‘Buy when the pump starts.'” Related Reading: Crypto Analyst Identifies 8 Altcoins To Turn $1,000 Into $1 Million Highlighting the distinct advantages of meme coins, cyclop pointed out, “Unlike other tokens, memes have an advantage: 100% of the supply is in the market, meaning there’s no emission, and VCs won’t be dumping their sky-high bags on you. Moreover, they have the biggest upside, and they are #1 rally gainers during a bull market (where we currently are).” Reflecting on previous successful calls, such as POPCAT, ANALOS, and SILLY, which have seen returns ranging from 8x to 1000x, the analyst is now sharing a new list of promising meme coins: #1 Wolf Wif (BALLZ) With a $40 million market cap and $370,000 in liquidity, this coin stands out as the analyst’s “biggest bet,” highlighted by its lack of centralized exchange listings and partnerships, alongside the significant market cap achieved in under 24 hours. NFA, but it looks like a new cult, cyclop stated. The memecoin is obviously inspired by DogWifHat (WIF), a memecoin that emerged on the Solana blockchain, similar to called BONK, which also saw significant gains and generated several millionaires. BALLZ may attempt to build on the success of WIF. #2 SolChat (CHAT) Priced at $5.8, with a $47 million market cap and $1.1 million in liquidity, SolChat has garnered attention from major influencers and a notable mention from the Phantom wallet, as remarked by cyclop. According to the official website, SolChat is not merely a memecoin; it is a communication protocol on the Solana blockchain that enables text, voice, and video calls in a manner akin to traditional Web2 applications, but within a Web3 environment. It leverages the Solana blockchain’s low gas fees and on-chain storage capabilities for messages and group chats, positioning itself as a novel application in the rapidly evolving landscape of decentralized technologies. #3 Harambe (HARAMBE) A tribute to the beloved gorilla, this meme coin boasts a $45.8 million market cap, described as having “a real soul by cyclop. HARAMBE is also based on the Solana blockchain and pays homage to the spirit of Harambe. It is driven by the community’s love for memes and a desire for community-driven projects. Related Reading: Crypto Expert Says Dogecoin, Shiba Inu, PEPE, Others Are About To Explode Beyond its meme-centric nature, the Harambe meme coin aims to stand out by incorporating advanced AI technology. It features an AI neural network auto-trading bot designed to autonomously conduct trades in the cryptocurrency market, aiming to transcend the typical meme coin by leveraging AI hedge fund technology. #4 Pelfort (PELF) Showing a remarkable day growth of +550%, this coin has a market cap of $15.4 million and liquidity of $1.0 million, according to the crypto analyst. It is a Solana memecoin parody based on Jordon Belfort as Pepe. #5 Doland Tremp (TREMP) Like MAGA (TRUMP), TREMP is another meme coin that builds on the popularity of former US President Donald Trump and his potential success in the US election campaign. With a playful nod to political satire, TREMP holds a $37 million market cap, under the slogan “Mek Memes Gret Agen!” Rounding out the bottom of the analyst’s list are Brett (BRETT) at #6 and PENG on Solana (PENG) at #7, each with unique appeal and the potential for explosive growth, according to cyclop. Featured image from iStock, chart from TradingView.com

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