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Solana meme coin GameStop Wif Hat (GMEWIFHAT) showed incredible growth this Tuesday, with its price increasing by over 40,000%. However, as of this writing, GMEWIFHAT is only up 131%.
The price increase is tied to the return of RoaringKitty, the trader credited primarily with driving GameStop's stock surge in late 2020 along with the “WallStreetBets” subreddit, but whose real identity is Keith Gill. Another meme coin that benefited from this fact is Roaring Kitty Wif Hat (RWIF), which is currently supporting a 32,424% rally.
Additionally, both meme coins borrow the “hat” element made popular by the Dogwifat (WIF) token, Solana's largest meme coin by market capitalization, which was conquered after a price jump of over 181,000%. I did.
Catcoin hypercycle?
An X user known as EllioTrades shared his thesis on the meme coin market after RoaringKitty's resurgence with over 750,000 followers. According to EllioTrades, the man behind the WallStreetBets episode said “the days of dogs are over” in one of his videos posted after his return.
“On the surface, this may seem like a simple announcement that he's back (as a cat). Maybe Dogs is actually referring to Wall Street's elite. It doesn't really matter, the meme thrives on IYKYK-style attention gambits, and Roaring Kitty's popularity following the release of the movie “Damn Money” on Netflix is at a level never seen before. ” said Eliotrade.
Therefore, ElliotTrades explained that it will add exposure to all cat-themed coins you currently hold. He also believes that the market has not yet started a bullish cycle and will rise further in the coming months.
The trader also predicts that as a new generation of traders begins flocking to crypto from social platforms like TikTok, popular memes among 'Gen Z' will breathe life into the most profitable meme coins. did.
“The first example I saw of this in action was $HAMMY (sad hamster). I bought it because my wife literally showed me crying hamsters on TikTok all the time. Stupid money deal again As it goes viral, the next generation brings with it “real” memes that actually go viral on social. They will move the game to where they have an advantage, as new groups will try to do,” he concluded.
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