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Roaring Kitty’s Return Sparks Meme Coin Resurgence in Cryptocurrency Market

Meme coins are making a comeback in the cryptocurrency market after a period of low activity.

The resurgence of interest can be attributed to the return of famed meme trader Keith Gill, also known as Roaring Kitty, to social platforms on May 13. Gill, who gained prominence for his role in the GameStop short squeeze in 2021 and subsequent pump of Dogecoin (DOGE), has once again sparked excitement in the meme coin space.

According to data from Santiment’s SanBase Pro, provided by Vinicius Barbosa for Finbold on May 14, there is a noticeable uptrend in meme coins. Among today’s trending coins, PEPE leads the pack, followed by FLOKI, DOGE, Shiba Inu (SHIB), and dogwifhat (WIF).

Notably, the Ethereum-based meme token PEPE, featuring Pepe The Frog, has seen a remarkable surge of over 21% in the last 24 hours, reaching $0.000011. This level is reminiscent of the peak reached during the massive meme coin boom in early March. Furthermore, PEPE’s social dominance, represented by its share of the overall social interest in the market, has spiked to a record high of 2.46%.

While other meme coins have yet to mirror PEPE’s price action, the increasing social indicators prompt traders to speculate whether the meme coin frenzy is resuming in cryptocurrency trading.

The reactivation of Roaring Kitty’s X (formerly Twitter) account after three years of dormancy has added fuel to the fire. His latest post on May 12 depicts a meme of a ‘gamer’ actively engaging in trading, signaling his return to the scene.

It’s important to note the inherent risks associated with trading meme coins or meme stocks. Experts caution against succumbing to “The Greater Fool” theory dynamics, reminiscent of financial bubbles, where late buyers incur substantial losses when speculative demand dwindles. As the market’s speculative nature unfolds, traders must exercise caution to avoid significant losses when the music inevitably stops.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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