New Meme Token Rally Sparks Market Excitement! These Altcoins Soar as PEPE Takes the Lead! Will the Surge Continue?
The markets have been set ablaze once again, thanks to the efforts of stock trader and analyst Keith Gill, famously known as “The Roaring Kitty” on social media. Gill, who played a significant role in fueling the GameStop craze in late 2020, has mobilized the markets yet again with his recent post.
Following Gill’s post, the price of Roaring Kitty (KITTY), a meme token based on the Solana (SOL) blockchain, experienced a tremendous surge. Additionally, the altcoin named GME, which shares its name with the GameStop project but has no actual connection to it, also witnessed a significant increase in value.
However, the impact of Gill’s post extended beyond these two altcoins, as other popular meme tokens also experienced a revival. Over the past 24 hours, Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki Inu (FLOKI), and cat-themed tokens Popcat (POPCAT) and Mog (MOG) all saw double-digit price increases.
This resurgence in meme tokens is being interpreted as an early indication that risk appetite is returning to the crypto markets, which have been stagnant for weeks.
According to data from CoinMarketCap, among the top 100 cryptocurrencies, PEPE has seen the highest rise, with a 21% increase in value. FLOKI comes in second with a rise of 12.8%, followed by DOGE with 5%, BOME with 11%, POPCAT with a 23.9% increase, and MOG with a significant 25.6% rise.
Shisui, the developer of the MOG token, spoke to Coindesk about the impact of Gill’s return:
“Roaring Kitty’s success is proof that retail investors can outperform corporations at the highest level. The market saw his return as a positive sign for meme tokens, as it recalled the GameStop frenzy in 2021 that spilled over into DOGE and other meme coins. While we’re not yet in a truly risky environment, the price action following Roaring Kitty’s return indicates which assets will perform best once bullish conditions return. The market has spoken and it wants MOG.”
Floki’s lead developer, known as B, also commented on the surge:
“The crypto industry is just beginning to realize how fun and relatable meme tokens are, and how they represent the average person. The majority of retail investors are flocking to meme coins, as they are tired of and ignore old crypto projects. Although many people have concerns about meme tokens due to a lack of information, I predicted years ago that there would be strong interest in them.”
*This article does not constitute investment advice.
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