Stock trader and analyst Keith Gill, known as “The Roaring Kitty” on social media and largely fueled the GameStop craze in late 2020, mobilized the markets with his post.
At this point, after Gill's post, the price of Roaring Kitty (KITTY), a Solana (SOL)-based meme token, and the altcoin named GME, which is known for the GameStop project but has nothing to do with the project, recorded tremendous increases.
However, the rising effect did not stop with these two altcoins and popular meme tokens also revived. In this context, Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and Floki Inu (FLOKI) and cat-themed tokens Popcat (POPCAT) and Mog (MOG) have experienced double-digit price increases in the last 24 hours.
Such movement was interpreted as an early sign that risk appetite was returning to crypto markets after weeks of stagnant markets.
According to CoinMarketCap data, in the top 100 cryptocurrencies ranking, PEPE is at the top among the most profitable altcoins with a rise of 21%, while FLOKI is at the top with 12.8%; DOGE 5%; BOME 11%; POPCAT rose 23.9% and MOG rose 25.6%.
Speaking to Coindesk, MOG token developer Shisui said:
“Roaring Kitty is living proof that retail can outperform (outperform) corporations at the highest level.
Its return was perceived as a bullish signal for meme tokens as the market remembered that much of the Gamestop frenzy in 2021 spilled over into DOGE and other meme coins.
While we are far from being in a truly risky environment, price action following the return of Roaring Kitty points to which assets will perform better once bullish conditions return.
“The market has shown itself and wants MOG.”
Apart from MOG founder, Floki lead developer B also evaluated the rise.
“The crypto industry is just starting to realize that meme tokens are fun, relatable, and represent the average person.
The vast majority of retail investors are flocking to meme coins. This group of investors is tired and ignores old crypto projects.
“Although many people are concerned about meme tokens because they do not have enough information about meme tokens, I have predicted years ago that there will be strong interest in meme tokens.”
*This is not investment advice.