Roaring Kitty once again became synonymous with the market wealth code, and retail investors began to focus on Roaring Kitty’s Twitter content in an attempt to discover new wealth codes.
The man who led the retail investor battle against Wall Street is back. Twitter user @Roaring Kitty (real name Keith Gill) was the initiator of the retail investor movement that drove up the stock price of GameStop in 2021. On May 13th, Roaring Kitty returned to Twitter and began to be active again, posting a large number of short videos and implying that the community is once again sparking a new retail investor revolution.
Influenced by the news of his return, related MEME coins also experienced a surge. Among them, KITTY and GME are the most directly related tokens and the most eye-catching in the market. GME (Solana chain) has risen by a maximum of 257 times in the past week, and KITTY (BASE chain) has risen by a maximum of 157 times.
The speculation sparked by the short videos
Once again, Roaring Kitty has become synonymous with the market wealth code, and retail investors have begun to focus on Roaring Kitty’s Twitter content in an attempt to discover new wealth codes. He seems to be very enthusiastic about posting short videos, posting dozens of them every day. Some crypto users have launched related MEME tokens based on his video materials, trying to ride on the popularity of Roaring Kitty.
Roaring Kitty’s videos are mostly clips edited from movies, with a duration of less than a minute, and there is no specific theme, but the overall content seems to be related to heroism and resistance. For example, there are scenes from the movie “Braveheart” where the male protagonist shouts “Freedom” before being executed, and scenes from the Avengers fighting against Thanos, etc. In addition, he intentionally enlarges the subtitles of these videos and highlights or emphasizes some key words.
PANew has counted 46 keywords that appeared in Roaring Kitty’s videos in the past few days and found that 202 MEME coins were created based on these keywords on Solana. This situation is similar to Elon Musk’s influence on Ethereum.
90% of the related MEME coins have no trading activity
However, MEME players may have overestimated Roaring Kitty’s influence on MEME coins. Among the 202 MEME coins created based on his videos, only one token called JUST UP showed some growth, rising by 10 times in a short period of time after being promoted by a Chinese MEME KOL. But as the hype disappeared, the token quickly plummeted, and its price has fallen 94% from its peak, with a market value of only $16,000.
Most of the other tokens had no buyers or sellers after they were released, and only 4 out of the 202 tokens had some trading activity.
Why were so many worthless tokens created? The main factor behind this is the emergence of tools like Pump.fun, which have made the cost of token creation lower. In the past, it cost several hundred dollars to create a MEME coin on Ethereum. If the income from creating a token cannot cover the cost, there won’t be many tokens with these keywords. The cost of creating tokens on Solana has now dropped to around $2, which is almost negligible for users who hope to make a fortune by creating tokens. Therefore, it can be seen that MEME coins related to Roaring Kitty are almost all released on Solana.
Another reason is that Roaring Kitty’s videos are very frequent and contain many keywords. If all the keywords from the videos were used to create tokens, there would be hundreds of new tokens appearing almost every day. These keywords also have minimal marketing opportunities. In this respect, it is completely different from MEME coins like TROLL and GROK, which were promoted by Musk. The keywords promoted by Musk are generally mentioned repeatedly and represent either an event or a product, having randomness and development potential. As time goes on, whenever these keywords are mentioned by Musk again or there are some developments, they will affect the market performance of these MEME coins. The video materials used by Roaring Kitty do not possess these characteristics, they are just the wishful pursuits of retail investors.
Difficulties in finding the “golden dog” with scattered attention
Although Solana and Base have created a hot market for MEME coins in the past six months, according to Cointelegraph, there have been over 1 million new cryptocurrencies launched since April, with 640,000 on Solana and about 320,000 on Base. At the same time, the DEX trading volume on Solana has exceeded $1 billion for several consecutive days. However, for MEME coin players, this bustling scene does not necessarily mean more opportunities, but rather a more scattered attention, making it more difficult to find the “golden dog.”
Taking Roaring Kitty as an example, in this round of hot pursuit, it is not only concentrated on one chain. GME and KITTY are issued on Solana, Base, and Ethereum chains, and they are not related to each other. This leads to the dispersion of attention to multiple tokens, making it difficult for funds to concentrate and drive a project to become extremely hot.
For players, this also increases the probability of falling into a trap. According to PeckShieldAlert, a MEME coin with the same name as GME was instantly wiped out by the project team, resulting in the loss of 270,000 US dollars worth of ETH. Even the most directly related tokens to Roaring Kitty, after a brief rise, generally experienced a sharp decline. The average drop was around 70%.
Overall, making money on popular MEME coins doesn’t seem to be an easy task. In addition to following the trends, other factors such as considering contract security, whether there is a direct promoter behind it, and timing of buying and selling are also important. Otherwise, blindly chasing after trends will inevitably lead to being harvested.
Tags:
Base
MEME
Solana
Roaring Kitty
Ethereum
Source link:
https://www.panewslab.com/zh/articledetails/64z0m46u.html
Note: The opinion expressed in this article only represents the author’s perspective and does not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6740051
Related news:
Study: Which stage of the current bull market cycle are we in?
Coinbase Monthly Outlook: ETH still has potential for further growth in the coming months
Even elementary school students can understand! What’s the difference between Solana’s programming model and Ethereum?
12 seconds to steal $25 million: MIT brothers reveal the process of MEV attack
The dilemma of Ethereum’s innovators: Valuation and usage have reached their peak, what’s next to retain new applications?