- Roaring Kitty got sued causing memecoin associated with him, called ROAR to decline in price.
- Overall interest in the CHEWY memecoin surged after Roaring Kitty’s recent online behavior.
As a researcher, I’ve followed the developments in the saga of Roaring Kitty (Keith Gill) and his impact on various stocks and memecoins with great interest. The recent allegations of securities fraud against him have certainly added an intriguing layer to this narrative.
Keith Gill, a well-known stock trader during the 2021 GameStop saga, now faces accusations of violating securities laws.
In June 2024, a class-action complaint was lodged against Gill. It asserts that during the timeframe of May to June, Gill manipulated GameStop’s stock price through strategically crafted social media messages. These posts reportedly led to substantial fluctuations in the stock’s value.
GameStop won’t stop
The document outlines a carefully thought-out plan. On the 12th of May, 2024, Gill initiated the purchase of GameStop call options on E*Trade at affordable rates, preparing himself to reap profits from an anticipated price surge.
On the following day, he deliberately broke a three-year long absence on Reddit, rekindling enthusiasm for the stock and causing its value to surge.
Adding more intensity to the situation, Gill revealed his substantial investment in GameStop on June 2nd, consisting of a large quantity of call options and stocks.
Some people believe that this declaration was strategically made to boost the stock’s price even higher. Taking advantage of the upward trend, Gill cashed in on all his call options before June 13th, resulting in significant gains.
Subsequently, it’s alleged that he reinvested the earned profits to amplify his ownership in the company by purchasing approximately 4 million additional shares. However, it is crucial to keep in mind that these allegations are part of an ongoing lawsuit. Gill continues to assert his innocence and has yet to be convicted of any misconduct.
Due to these factors, the price of ROAR, a memecoin associated with Roaring Kitty fell by 8%.
However, there were other coins that were impacted by Roaring Kitty’s behavior as well.
Rising suspicions
In a recent Schedule 13G filing, it was disclosed that as an individual investor, Gary owned approximately 9.0 million shares of Chewy’s Class A common stock. To avoid confusion, Gary felt compelled to add in the filing that he himself is not a cat.
Moreover, he also tweeted an image of an animated dog.
Because of the filing and tweet, there was increased excitement surrounding the meme token CHEWY. This led to a significant increase in the token’s price. Some market analysts speculate that Roaring Kitty may have purchased a large amount of CHEWY memecoin before making this public announcement.
Only time will tell what happens next with the tokens associated with this saga.
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2024-07-02 10:15