Title: New Wine in Old Bottles, the Celebrity Effect’s Old Trick
Text: Deep Tide TechFlow
The big players are back.
After a month of silence, Roaring Kitty, who rose to fame by betting on GameStop stocks, has returned.
Today, he posted a picture of a “Reverse Card” from the UNO card game on Twitter.
Regardless of the implications or intentions behind this tweet, Roaring Kitty’s personal image has become deeply associated with the Wall Street Bets theme. As soon as this tweet was posted, the Solana-based token $GME for the GameStop stock surged nearly 300%, while the $GME token on the Ethereum chain skyrocketed by almost 800%.
New wine in old bottles, the old trick of the celebrity effect?
Last month, when Roaring Kitty tweeted for the first time in three years, it caused a frenzy in the GameStop stock and its namesake token. During this period, Roaring Kitty continued to post various movie clips on Twitter.
Even though these expressions may seem cryptic, they still attracted people’s attention. Almost every short video Roaring Kitty tweeted had a meme coin with the same name that followed the trend.
For Roaring Kitty himself, it may have been just a momentary expression. But for retail investors, they cannot ignore it, as each tweet could potentially be an undiscovered goldmine.
The surge in assets associated with celebrities is outrageous, but for players in the cryptocurrency market, they have witnessed wave after wave of such phenomena.
Elon Musk, after expressing his love for Dogecoin multiple times through tweets, has strongly influenced the price of $DOGE with his every word and action. The impact of this wealth-creating effect has grown like a snowball, to the point where monitoring Musk’s tweets is done in milliseconds.
To this day, Musk remains a top influencer in the cryptocurrency market. Countless eyes are still closely watching every tweet he posts, hoping to find the key to wealth.
The concept of “founders and animals” has also followed the same pattern. Vitalik Buterin’s cat, Toly, the founder of Solana, the dragon, and Sandeep, the founder of Polygon, his pet elephant, and so on.
People’s fascination is not solely with the cute animals themselves. The essence of the pet sector’s hype is still the sinking influence of celebrities.
The influence of celebrities attracts attention to meme-based assets, and some celebrities actively promote these memes. It’s like a match on an oil tank – it ignites upon contact.
Of course, celebrities themselves are well aware of their influence. Last week, the prototype of the skyrocketing “$Jenner” coin, Caitlyn Jenner, quickly jumped on the bandwagon:
Which GME-themed memes are worth paying attention to? Tokens with the same names as stocks.
$GME tokens, representing the GameStop stock, are currently the hottest assets:
$AMC, like $GME, is a token with the same name as the US stock. As the largest cinema chain in North America, $AMC is also a popular target among retail investors. From its price performance, it is clear that $AMC has also been influenced by Roaring Kitty’s tweets, surging nearly 700% before falling back.
$Kitty is the token with the same name as Roaring Kitty. After Roaring Kitty’s first tweet in three years in May, it immediately skyrocketed. Today, it has risen nearly 1000% due to Roaring Kitty’s new developments.
Wall Street Bets concept: $WSB and $WSM.
It is evident that the market’s demand has become increasingly straightforward and crude. The wealth effect of attention economy has repeatedly overwhelmed fundamental analysis. Everyone needs a loud voice for their investments. A single piece of news can directly drive the market. Therefore, Roaring Kitty’s one picture can easily trigger billions of dollars in capital flow.
Musk’s dog, Vitalik’s cat, Kitty’s GME, everything remains the same…
Attention is like a flag in the hands of celebrities. With a gentle wave, retail investors come running.
However, attention also has an expiration date. The market is more willing to buy into constantly emerging new hotspots, even if these hotspots are just old stories in new packaging.
Whether Roaring Kitty’s “comeback” is just a momentary whim is still unknown, but it is certain that the crypto market will never lack fresh hotspots and followers willing to invest in them.
Tags:
2023 market trends
AMC
DOGE
MEME
Roaring Kitty
Ethereum
GameStop
Elon Musk
Source Link:
https://www.techflowpost.com/article/detail_18232.html
Note: The views expressed in this article are solely those of the author and do not constitute investment advice.
Original Article Link:
https://www.bitpush.news/articles/6838775
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