Meme Coin Market Explodes as Roaring Kitty Sets Sights on Billionaire Status with Upcoming Livestream

[TL; DR]

The prices of AMC tokens, Kitty Coin and GameStop shares rose after Gill announced a YouTube livestream scheduled for 7 June.

Keith Gill may become a billionaire if the value of GameStop shares continue to rise.

Examples of meme coins that may trend during the rest of 2024 include GME, MAGA, FLOKI, SHIB, PEPE, DOGE and ELON.

Introduction

We can easily call 2024 the year of meme coins since most of these cryptocurrencies performed remarkably. Even when the crypto market was depressed most meme coins including Bonk, Shibu Inu and Floki have remained bullish. Of course, as expected they also faced periods of low volatility and falling prices. This article looks at the recent performance of Roaring Kitty (KITTY) and the impact of its valuation.

KITTY Price Surge Following Keith Gill’s announcement of a YouTube Livestream

Several meme coins, including Roaring Kitty (KITTY) experienced price surges following Keith Gill, affectionately called Roaring Kitty or DeepF**kingValue’s announcement of a YouTube live stream that was earmarked for 7 June at 16:00 UTC. That price spike shows how cryptocurrencies can easily respond to community events and global developments.

For Example, the value of ROAR, a meme coin linked to media influencer Keith Gill, rose by over 300% on the morning of 7 June. This spike was influenced by Gill’s revelation that he holds a substantial amount of GameStop Shares. Posting on Reddit, Gill revealed that he holds over 5 million GameStop shares worth around $116 million based on the day’s valuation.

Gill’s disclosure also positively impacted the price of GameStop’s stock which rose by more than 100% to reach $43.57, indicating a resurgence of the asset. However, some analysts’ cautioned investors that the rally might not last long as it may mimic what occurred in May when the bullish outlook was short-lived leading to some losses. The reason why the analysts warned the investors to be cautious is the lack of sufficient retail inflows into the market. The following graph shows the spike in the GameStop share price on 7 June.

GameStop Price Performance: Google Finance

The graph shows how the GameStop shares gained by 118%. It is important to note that Gill has been very influential in the performance of certain shares and meme coins. Gill is popularly remembered for his role in the GameStop saga, after he influenced the community to invest in the stock.

If the GameStop market surge continues, Gill may achieve billionaire status. Already, Gill’s GameStop position has grown by over $300 million. The astronomical increase in the values of GameStop and ROAR indicates the influence of individual investors and social media on the performance of stocks and cryptocurrencies.

Investment analysts at The Kobeissi Letter hinted on Gill’s possible billionaire status. Kobeissi stated: “Roaring Kitty is set to be a billionaire as GameStop stock, GME, surges to $67.50/share in after-hours trading. If GME opens at or above current levels tomorrow, his shares will be worth ~$325 million, and options worth ~$700 million for a combined ~$1 billion.”

Increases in Solana blockchain-based tokens Prices

As hinted above, Gill’s announcement of a live stream initiated a short term price rally of several meme coins. For instance, the prices of several Solana-based meme coins gained significantly after the announcement. As an Example, the prices of GME meme coin, AMC tokens, and Kitty coin (KITTY) rose during that period. The GME meme coin, which is, however, unrelated to the GameStop (GME) Company gained by 560% within the first week of June.

As anticipated GME was the best Solana blockchain based crypto performer during that period. The reason for the surge could be that some investors take the GME as an alternative to the GameStop Stock.

Read also: The Gamestop NFT Marketplace - What is known and why now

Potential Future of Meme Coins and the Influence of Prominent Figures like Keith Gill

The future of meme coins remains bright if they are supported by large communities that inject funds into them. The good thing about memecoins is that they are backed by large numbers of investors, both institutional and retail ones as well as crypto traders. And in most cases, there are crypto whales that are willing to invest in the crypto assets.

In addition to large numbers of committed investors, meme coins have the support of influential people such as social media personalities like Gill who do much to promote the tokens to their followers. As such, they are able to create positive market sentiments for certain meme coins like KITTY.

Trending meme coins and altcoins in 2024

Having discussed the recent price trajectories of several meme coins like AMC, KITTY and GME, let’s look at altcoins that may perform well during the remainder of the year. The altcoins that may do well during the rest of 2024 include leading cryptocurrencies such as Ether (ETH), Chainlink, Tron (TRX) Solana (SOL), Cardano (ADA), Toncoin (TON), Avalanche, Polkadot (DOT), Ripple (XRP), Polygon (MATIC) and Uniswap (UNI). The reason is that many investors prefer cryptocurrencies that are within the top 20 and offer much utility.

Read also: How to Buy GameStop (GME)

Although meme coins are high risk assets many crypto investors are willing to invest in them. Some leading Solana blockchain-based meme coins such as Book of Meme (BOME), Dogwifhat (WIF), PONKE, Myro and Boden are expected to do well during the year. Apart from these, other established and prominent meme coins that may trend during the year include GME meme coin (GME), MAGA, Floki ($FLOKI), Shiba Inu (SHIB), Pepe Coin (PEPE), Dogecoin (DOGE) and Dogelon Mars (ELON). Due to the support of large communities these meme coins may rally during the remainder of 2024.

How to buy meme coins

Investors can buy meme coins on various decentralized and centralized exchanges such as Gate.io, Coinbase and Binance crypto exchanges. For Example, at Gate.io you need to have a verified account to purchase and trade meme coins. The first thing you need to do is buy leading cryptocurrencies like Bitcoin, ETH and Tether USDT. You can buy these cryptocurrencies using different methods such as P2P trading, credit cards and wire transfer. From there, you can then convert any of these leading cryptocurrencies to any meme coin of choice.

Conclusion

In the first week of June several meme coins including KITTY and GME rallied after Gill announced a YouTube live stream that was scheduled for 7 June. Apart from the meme coin price surge the value of GameStop stock also increased significantly. GME, MAGA, FLOKI, SHIB, PEPE, DOGE and ELON are Examples of meme coins that may trend during the rest of 2024.