Dog-themed Mimecoins are surging following the mysterious return of Keith Gill, aka “Roaring Kitty,” the man credited with triggering the GameStop short squeeze.
After a two-month hiatus, Gil returned to social media with a cryptic X post depicting the Solana-based meme coin CHWY. Gil shared the image below in his X post on September 6.
Roaring Kitty, Chewy Post. Source: Roaring Kitty
Following the cryptic post, Chewy’s price rose by about 28% against Solana (SOL) to trade above $0.011, according to CoinMarketCap data.
CHWY/SOL, 1-h chart. Source: CoinMarketCap
Memecoins like Chewy have no fundamental technical utility and are driven primarily by social sentiment. Even an indirect X post from someone like Gill can be seen as strong support for Memecoin traders who do not trade based on fundamental or technical analysis.
In early July, Gill revealed that he owned a 6.6% stake in Chewy, an online retailer that sells pet food and other pet-related products. This appears to have inspired the creation of several Chewy-related meme tokens.
relevant: Roaring Kitty’s $300M GME Position Raises Market Manipulation Claims
Is Roaring Kitty discarding Chewie or supporting her?
Despite the Chewy token rallying close to 30%, Gill’s ambiguous post seems to suggest that he is not supporting the company, but rather abandoning it.
The image Gill shared is from the movie. Toy Story And it shows Andy dropping his favorite toy, Woody. In Gill’s latest post about X, Woody is replaced with the Chewy token logo.
This could indicate that Gill is hinting at stepping down from his role at Chewy. He initially shared an image related to Chewy in a post he made to X on June 27.
Chewy post. Source: Roaring Kitty
When the first GameStop short squeeze of 2021 occurred, GME stocks soared over 1,000% in just one month. That’s one reason why Mimecoin traders closely monitor Gill’s social media activity.
relevant: Citron No Longer Has GME Shortage, Citing ‘Market Irrationality’
What about GameStop?
The X sign on the road could hint at a GameStop revival.
Shortly after Gil’s X post went live, an unknown investor bought $2 million worth of GameStop (GME) stock, market tracker Unusual Whales wrote in a September 6 post about the X post.
Buy $2 million worth of GME. Source: Unusual Whales
In late June, a GameStop investor sued Gill for securities fraud. The suit was dismissed after just three days.
The first lawsuit alleged that Long committed securities fraud by failing to disclose to followers and other GameStop investors that he planned to sell approximately 120,000 call options before the June 21 expiration date.
magazine: Roaring Kitty’s GME Stock Hits $1 Billion, BTC Open Interest Surges, Other News: Hodler’s Digest, June 2-8