Bittime - The crypto industry is being enlivened by the return of the legendary figure Roaring Kitty (Keith Gill), a US retail stock investor who became famous for his role in the phenomenal "short squeeze" movement of GameStop (GME) shares in early 2021.
After disappearing from social media platforms for three years, Roaring Kitty, also known by his YouTube name "DFV" was active again on Twitter (X) on May 13, 2024. He only posted a picture, but his impact was immediately significant.
Meme Coin $KITTY Skyrockets
The return of Roaring Kitty is strongly suspected to have triggered a drastic price spike in the $KITTY meme coin which has a similar name.
In 24 hours, the price of $KITTY skyrocketed more than 6,000%, or 60 times to be precise. At the time of writing this article (13 May 2024), $KITTY's market capitalization reached US$8.6 million (around IDR 138 billion).
Many suspect that this price increase was triggered by positive sentiment and speculation that Roaring Kitty may be involved in the $KITTY token project. However, until now there has been no official confirmation regarding this matter.
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Meme Coin $GME Also Rises
Apart from $KITTY, another meme coin related to GameStop, $GME, also experienced a significant price spike.
The price of $GME recorded a jump of 441% in the last 24 hours. Currently, the market capitalization of $GME reaches US$16 million (around Rp257 billion).
The $GME price increase was also likely triggered by the return of Roaring Kitty to cyberspace and the nostalgia of retail investors who participated in the GameStop "short squeeze" movement in 2021.
Beware of Sudden Price Increases
While the $KITTY and $GME price spikes are fantastic, crypto investors need to be careful.
Such rapid price increases are often not based on strong fundamentals or project utility. This increases the risk of a significant price correction in the future.
Investors are advised to conduct in-depth research before deciding to buy meme coins, such as $KITTY and $GME.
Also Read How to Buy Crypto:
Meme Coin Phenomenon
The rise in several meme coins has once again highlighted the meme coin phenomenon in the crypto world. Meme coins generally have unlimited supply and limited utility. The value of meme coins is driven more by community sentiment and popularity on social media.
Even though meme coins have the potential to generate large profits in a short time, the risks are also relatively high. Therefore, investors need to carefully consider their risk profile before diving into the world of meme coins.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Trading Meme Coin: Trends, Speed, and Profit!
Bitcoin Sluggish, Meme Coin and AI Tokens Skyrocketing
The Price of This Meme Coin Soared After the Halving According to Analysts
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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