Memecoins
Roaring Kitty’s dog tweet was good news for memecoins, but…
Is the memecoin market primarily influenced by social media and tweets now?
- Keith Gill’s dog-themed tweet spurred the price actions of GME, pet memecoins, and related stocks
- Dog-themed memecoins surged by 2.2%, while cat-themed memecoins hiked by 16.2%
Retail investor Keith Gill, also known as Roaring Kitty, is well known for his influential tweets that typically affect U.S video game company GameStop’s (GME) shares, as well as the GameStop-inspired Solana [SOL] memecoin – GME.
However, this time, Gill’s post had a broader impact on the market. It allowed GME and other major pet care stocks and pet-inspired memecoins to appreciate immediately on the charts.
Roaring Kitty is back again!
On 27 June, Gill shared a tweet, one featuring a cartoon image of a dog looking sideways and sticking out its tongue, and without any captions.
Source: Roaring Kitty/X
Despite Gill’s tweet involving nothing else, dog-themed memecoins‘ market cap surged to $36 billion, on the back of a 2.2% hike in just 24 hours.
On the contrary, cat-themed memecoins’ market cap climbed to $2.4 billion, after a higher surge of 16.2% over the same period.
Impact exceeds expectations
Simultaneously, a few pet-related stocks like Chewy, Inc. and PetMed Express, Inc. also recorded significant percentage increases. However, these gains were short-lived.
As expected, GameStop’s (GME) shares sustained their spike on the charts, with the stock up by 3.68% at the time of writing.
Since the memecoin GME typically mirrors GME’s stock prices, it too surged by 14.57% in the last 24 hours. The memecoin’s bullishness was confirmed by the RSI remaining above the neutral level on the 4-hour chart.
Source: TradingView
Strange occurrences
Despite many of the aforementioned memecoins doing as well as they did, the market’s top dog-inspired memecoins – Dogecoin [DOGE] and Shiba Inu [SHIB] – only saw minimal gains of 3.4% and 1.2%, respectively.
On the other hand, top cat-inspired memecoins like Mog Coin [MOG] and Michi [MICHI] saw massive hikes, surging by 25.9% and 38.65%, respectively, over the last 24 hours.
Finally, it’s worth pointing out that AMBCrypto’s analysis of Santiment’s data confirmed positive sentiment around these four memecoins, as indicated by their RSI trends.
Source: Santiment
