- Keith Gill’s dog-themed tweet spurred the price actions of GME, pet memecoins, and related stocks
Dog-themed memecoins surged by 2.2%, while cat-themed memecoins hiked by 16.2%
As an analyst with a background in memecoin market trends, I find Keith Gill’s impact on the memecoin and stock markets fascinating. His latest dog-themed tweet sparked a surge in the prices of various pet-related stocks and memecoins, including GME, which is closely related to its eponymous memecoin.
Keith Gill, commonly referred to as Roaring Kitty, is recognized for his impactful tweets that significantly influence the stock market value of U.S video game company GameStop (GME). Additionally, his social media activity has a notable effect on the price movement of the Solana memecoin related to GameStop (SOL).
As an analyst, I’d rephrase it as follows: This occasion, my social media post held more influence over the financial markets. The ripple effect was significant, leading to a swift increase in value for GME and other prominent pet care stocks, as well as those meme coins inspired by pets.
Roaring Kitty is back again!
On the 27th of June, Gill posted a tweet containing an amusing cartoon depiction of a dog with a sideways glance and an extended tongue, omitting any accompanying captions.
In just 24 hours, the market capitalization of dog-themed memecoins soared to an astounding $36 billion, following a 2.2% increase, despite Gill’s tweet being unrelated to this growth.
Instead of “On the contrary,” you could use “Contrarily” or “Despite this,” for a similar effect.
Impact exceeds expectations
As a researcher studying the stock market trends related to pet companies, I’ve noticed an intriguing development. Specifically, some stocks in this sector, such as Chewy and PetMed Express, experienced substantial percentage growth. Yet, this upward trend proved to be transient.
It was predicted, and indeed, GameStop’s (GME) stock continued its upward trend on the graphs, showing a gain of 3.68% as of now.
As a crypto investor, I’ve noticed an intriguing trend with the memecoin GME: it tends to mimic the price movements of its namesake, GameStop (GME) stock. In the past 24 hours alone, this digital asset experienced a significant surge of 14.57%. This bullish run was further validated by the Relative Strength Index (RSI), which remained above the neutral threshold on the 4-hour chart.
Strange occurrences
Although some memcoins mentioned earlier experienced significant growth, the leading memcoins inspired by dogs, Dogecoin [DOGE] and Shiba Inu [SHIB], achieved relatively small increases of 3.4% for Dogecoin and just 1.2% for Shiba Inu.
I’ve analyzed the data and found that memecoins inspired by feline themes, such as Mog Coin (MOG) and Michi (MICHI), experienced significant growth in the past 24 hours. Specifically, MOG saw a hike of 25.9%, while MICHI surged with an impressive increase of 38.65%.
In the end, it’s noteworthy that the examination of Santiment’s data by AMBCrypto revealed a favorable opinion among investors regarding these four meme tokens, as suggested by their Relative Strength Index (RSI) patterns.
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2024-06-28 17:11