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The social media return of Keith Gill, aka “Roaring Kitty,” has sparked a flood of crypto meme tokens.
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Microcap meme tokens with names like “GME” and “Roar” have soared more than 1,000%.
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Most of the tokens were created in the past 24 hours as developers try to capitalize on the spike of interest.
Keith Gill’s return to social media on Sunday caused prices to surge in a wide range of crypto meme tokens, a flood of which have been created on the Solana network in the past 24 hours.
The “GME” meme token, which borrows GameStop’s stock ticker, traded 1,247% higher on Monday with a total volume of more than $70 million, according to data from CoinMarketCap. The token has no official affiliation with GameStop.
Another meme token created on the Solana network is “GIL“, which was created early Monday morning and soared more than 4,000% on total volume of about $7 million.
“ROAR” is another Solana-based meme token that was created Sunday evening and is trading up 1,856% on total volume of about $12 million. And then there’s “KITTY,” which rose thousands of percent to a market value north of $26 million.
The quick-turnaround creation of these thinly traded tokens appear to be an attempt to capitalize on the sudden interest in Gill, his internet persona, and GameStop. Given their lack of underlying value, these types of cryptos often wind up nearly worthless, although the developers can still profit from the immediate interest and price surge.
Gill’s tweet on Sunday — his first in nearly three years — also lit a fire under meme stocks like GameStop, which soared as much as 119% on Monday, and AMC Entertainment, which jumped as much as 18%.
Gill’s tweet was of an illustration of a man leaning forward in a chair playing a video game, perhaps a suggestion that he is getting serious about GameStop stock after it plunged 92% from its January 2021 peak of $120.75 to $9.95 in April.
Read the original article on Business Insider