June 6, 2024 11:04 PM | 1 min read
Cat-themed cryptocurrency Kitty AI (CRYPTO: KITTY) surged Thursday as the countdown to the YouTube livestream of controversial trader “Roaring Kitty” began.
What Happened: The Solana (CRYPTO: SOL)-based memecoin moved 65% higher, with trading volume more than doubling to $8.73 million in the last 24 hours, according to data from CoinMarketCap.
The cryptocurrency rallied handsomely this week, notching up gains of nearly 119%, driven by a social media post by Keith Gill, better known online as “Roaring Kitty.”
The memecoin, which had nothing to do with Roaring Kitty or the company at the center of its all–GameStop Corp. (NYSE:GME), has moved solely due to the social media buzz surrounding the word “Kitty.”
Solana-based memecoin GameStop (CRYPTO: GME) has also seen astronomical gains this week, skyrocketing 574% since the week began.
Why It Matters: The popular trader’s actions have shaken up both the traditional and cryptocurrency markets.
However, concerns about foul play loom large, with investors accusing him of exploiting a loophole in market regulations.
The trader was set to address some of these concerns in a Youtube livestream, his first in three years.
Price Action: Shares of GameStop closed 47% higher to $46.42 during Thursday’s regular session, according to data from Benzinga Pro.
Photo Courtesy: miezekieze from Pixabay
Read Next: Robinhood CEO Says Exchange Is Ready For Roaring Kitty Livestream Surge: ‘We Are Prepared’ For GameStop Frenzy
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