Right now, the spotlight is on one thing: memecoins.
If you haven’t been keeping up, here are the top performers from the past 7 days:
Why are memecoins surging?
There’s a popular theory, and here are four key points to understand:
1. The Roaring Kitty Theory
Keith Gill, aka Roaring Kitty, who played a significant role in GameStop’s meteoric rise in 2021, resurfaced with a cryptic meme on Sunday night. This has sparked a frenzy among internet sleuths: What is Roaring Kitty’s plan?
Gill posted almost a dozen cryptic videos, featuring clips from movies like Avengers and Ocean’s Eleven. This left everyone wondering: Is it really about GameStop, or could it be about AMC, a major movie theater chain?
Regardless of Gill’s intentions, one thing is certain: memecoins are skyrocketing.
2. Cat Memes are pumping
Our favorite cryptic video? “The dog days are over,” which sent cat-related memes through the roof. $KITTY, a coin that existed before Gill’s recent activity, surged 12,000%!
3. Fed Weighs In
Fed chair Clayton commented that this shouldn’t even be legal in the stock market. However, meme enthusiasts are already ahead of him, creating Solana-based memecoins for various stocks.
4. The Twist
Could this all be part of a grand scheme? Some speculate that Gill sold his account back in April. A circulating screenshot from April 24th, 2024, with “time to come clean,” suggests this possibility. However, given Gill’s known penchant for trolling, this could just be another prank, as evidenced by its traction on Reddit.
Quick Take:
When the GameStop saga began, it was a trad-fi rebellion against the system. This core narrative aligns with the ethos of crypto — challenging the establishment. However, it’s crucial to remember that these are purely memecoins and do not represent actual shares of a company.
