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GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%. 

Fueling this rally is the return of the influential social media figure Keith Gill’s “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins. 

GameStop Memestock Frenzy

The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds. 

Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year. 

While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures.

According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, “skeptics” were up an estimated $400 million from January to April before slipping into the red by Monday morning.

The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania. 

As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range.

Roaring Kitty’s Ripple Effect

Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows. 

Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release.

Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data. 

For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of $0.00001077 during early Monday trading.

GameStop

Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday. 

The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges. 

Featured image from Shutterstock, chart from TradingView.com

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After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins

Memecoins are once making waves in the crypto market. In the last 24 hours, 4 of the 10 best-performing cryptocurrencies in the top 100 are meme coins. The biggest gainers include BONK (+10.2%), PEPE (+4.8%), WIF (+4.7%) and FLOKI (+4.1%). With meme coins slowly regaining, crypto traders are seemingly focusing on lesser-known coins.

Top Crypto Trader Focuses On These 2 Memecoins

According to data from on-chain analysis service Lookonchain, the renowned crypto trader known as “paulo.sol” has been making significant moves into new memecoin territories. Paulo.sol, who has previously amassed substantial profits from meme coins like BONK, WIF, and BODEN, is now shifting his focus to acquiring significant stakes in PUPS and POPCAT.

Lookonchain’s recent posts on X (formerly Twitter) provide a deep dive into paulo.sol’s past and present investment patterns. “What a legend! Paulo.sol has realized profits of $9.51M on WIF, $7.04M on BODEN, and $6.28M on BONK,” Lookonchain tweeted. In total, the crypto trader has made $22 million in realized profits.

The posts further reveal that paulo.sol bought into BONK early in November 2023, capturing substantial gains as its value surged. “As early as Nov 11, 2023, paulo.sol noticed the rising of BONK and bought BONK. He made ~$6.28M by buying BONK at low prices and selling at high,” the data provider stated.

The crypto trader continued his strategy by investing in WIF and BODEN in December 2023 and March 2024, respectively, following their sharp price increases. Notably, “paulo.sol did not buy WIF and BODEN when they first went online, but paid attention to and bought heavily when they first rose sharply,” Lookonchain observes.

As of now, paulo.sol continues to hold 12.87 million BODEN tokens valued at approximately $7.6 million and 1.87 million WIF tokens worth around $5.7 million. However, his most recent activities show a pivot towards new meme coins, PUPS and POPCAT, sparking interest among investors and analysts alike.

Lookonchain noted, “We noticed that paulo.sol is buying PUPS and POPCAT recently. He spent $1.77M to buy 4.3M POPCAT at $0.42 today. And he has spent $5.97M to buy 101,712 PUPS at $59 since Apr 11, becoming the largest holder of PUPS on Solana.”

The impact of paulo.sol’s investment has been palpable in the market dynamics of the newly favored meme coins. Despite a general downturn in the memecoin sector, POPCAT’s price surged by 52% today, trading at approximately $0.51 with a trading volume increase of 51% to $166 million. Over the past nine days, POPCAT has risen a whopping 410%.

On the other hand, PUPS is seeing a price drop of 4.2% today, trading at $36.96, with a 27% fall in trading volume to $2.82 million. Since reaching an all-time high above $152 on April 14 (on Coinex), the PUPS price is down more than 78%.

PUPS price

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1,503x Profit: How A Memecoin Trader Made $13 Million With PEPE

A strategic trader has made the most of his money after making over 1,000x profit with PEPE.  Despite the recent frog-themed token slump, the memecoin investor gained millions. Similarly, whales have continued accumulating PEPE while it resumes its upward trajectory.

Memecoin Trader Makes Millions

According to Lookonchain data, a memecoin trader named James Wynn multiplied its PEPE investment by 1,503. Wynn bought the token in its earlier stages, acquiring 2.83 trillion PEPE for $8,524. When the token started gaining momentum, he sold over half his holdings, 1.81 trillion tokens, for $4.57 million.

After the frog-themed memecoin became a market sensation, the trader’s unrealized profits on his remaining bag exponentially increased. Currently, Wynn holds 1.02 trillion PEPE in three wallets worth $8.25 million.

The trader’s total profits from PEPE total $12.8 million. However, if he had held onto his tokens, the gains would have exceeded $20 million.

Per the blockchain research platform, Wynn’s feat doesn’t end with PEPE. He has also made over $800,000 trading other memecoins over the week. He recently bought five tokens, two of which remain profitable: BOBO and ANDY.

At the time of the report, the trader bought over 273.62 billion BOBO for $138.263, making a profit of $430,000. Similarly, he acquired 4.711 billion ANDY for $115.493, gaining over $338,000.

Nonetheless, not all of Wynn’s trades resulted in success. According to the X post, the trader has a 45% success rate, gaining over $13.7 million with nine memecoins and losing around $350,000 on eleven tokens, including some rug pulls.

pepe, memecoins

Whales Go On PEPE Buying Spree

As reported by NewsBTC, recent data showed that PEPE’s price decline over the last month has reduced the number of addresses carrying gains. However, this has not stopped whales from accumulating the token.

This week, a whale accumulated 211.6 billion PEPE from Binance, Gateio, and Uniswap. The address bought the tokens at an average of $0.000007291, spending $1.54 million. The buying spree turned profitable as, some hours later, the token’s price increased by 17%.

According to Spot On Chain, the holdings’ worth surged to $1.72 million, making $173,000 in unrealized profits. Other reports suggest that whales have continued accumulating and taking profits from their PEPE holdings.

However, the token’s market activity decreased by 22.1% in the last 24 hours, with a $1.2 billion daily trading volume. PEPE’s market capitalization has also dropped 1.58%.

Despite this, the token has regained its spot as the third largest memecoin by this metric, as dogwifhat (WIF) lost 13.88% of its market cap on the last day. It’s worth noting that WIF flipped PEPE on March 28 after becoming the newest sensation in the crypto market.

As of this writing, PEPE is changing hands for $0.000007821, representing an 11.4% drop in the monthly timeframe. Nonetheless, the token continues recovering, registering a 52.2% surge in the last seven days.

PEPE, PEPEUSDT, memecoin

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Crypto Analyst Touts Base As Next Memecoin Hotspot: Top 8 Picks

In an analysis shared with his nearly 100,000 followers on X (formerly Twitter), the crypto analyst known by the pseudonym Xremlin (@0x_gremlin) has pinpointed Base as the burgeoning hub for memecoin enthusiasts and investors. This proclamation follows a season of unprecedented gains in the Solana memecoin market, with tokens like BOME, WIF, and SLERF achieving returns ranging from 300x to 1000x.

Xremlin’s insight into the crypto market dynamics suggests a potential replication of these astronomical returns on Base, underlined by a tweet stating, “Meme traders on Solana printed millions this season: BOME: 800x, WIF: 1000x, SLERF: 300x. BASE season is just revving up, and might have a similar rally.”

The transition of focus towards Base is attributed by the analyst to its association with Coinbase and an upcoming product launch aimed at simplifying on-chain trading. Xremlin elaborates, “Why Base? Coinbase has a large user base in the US, but trading on-chain can be too complex for normies. Soon, Coinbase will launch a product that enables its CEX users [100M+] to trade on Base without requiring seed phrases or private keys.”

This move is anticipated to significantly lower the entry barriers for new investors, potentially catalyzing a memecoin rally on the Base platform.

However, amidst the excitement, Xremlin issues a word of caution to their followers: “Remember: Investing in memes is high risk. Only bet what you can afford to lose. Projects might rug, slow rug, or suddenly tank by 50%-70% when the hype fades.” This cautionary advice reflects the inherent volatility and risk associated with memecoin investments, where the line between significant gains and losses can be remarkably thin.

Diving Into The Top Crypto Memecoins On Base

Xremlin’s curated list of Base memecoins is not only varied but also rich with potential, highlighting projects inspired by cultural references, pets of notable figures, and even caricatures of industry leaders. Here’s a closer look at the analyst’s picks:

  • TOSHI: Touted as a tribute to Brian Armstrong’s cat, named after the enigmatic Satoshi Nakamoto, TOSHI represents a playful investment opportunity. Xremlin notes, “TOSHI could be the flagship memecoin of Base, drawing on the crypto community’s reverence for Nakamoto and Armstrong’s influence.”
  • DEGEN: With its strategic distribution to Farcaster users, DEGEN taps into a community already engaged and familiar with crypto, setting a precedent for community-driven value.
  • DOGINME: This memecoin capitalizes on the popular phrase “Got that dog in him,” embodying the resilience and tenacity celebrated in crypto trading circles.
  • MOCHI and PONCHO: Both cat-themed coins seek to attract the attention of cat lovers, just as dog-themed memecoins such as Dogecoin, Shiba Inu and FLOKI attract that of dog lovers. MOCHI is based on Brian Armstrong’s pet.
  • TYBG: Self-described as “The most based meme on Base,” it signifies the meta-culture of memes within the crypto space, where self-referential humor often garners substantial community support.
  • BRIUN: A direct caricature of Coinbase CEO Brian Armstrong, BRIUN embodies the intersection of meme culture and crypto’s leadership, underlining the community’s penchant for satire.
  • ELONRWA: Inspired by a sketch of Elon Musk, this project aims to bridge the gap between digital tokens and real-world assets, representing the innovative and often speculative nature of memecoin investments.

Xremlin further emphasizes the importance of community and research in navigating the memecoin market: “For those interested in researching Base memes, I recommend joining the /base channel on Warpcaster. Community insight is invaluable, and collective due diligence can help mitigate risks associated with memecoin investments.”

At press time, TOSHI traded at $0.000321653, up 210% in the last three weeks.

TOSHI price

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Crypto Analyst Unveils 7 Memecoins To Turn $1,000 Into $1 Million

In a post via X (formerly Twitter), crypto analyst cyclop (@nobrainflip) has shared a bold prediction and personal success story with his 370,000 followers. Cyclop revealed a staggering $2.5 million profit from an initial investment of $8,000 within a year, attributing a significant portion of this success to investments in Solana-based meme coins.

Cyclop’s statement reads, “I made $2.5 million from $8,000 in a year. Most of the profit was made on $SOL meme coins 3 months ago: x400 on ANALOS, x30 on POPCAT, x8 on SILLY. Solana meme season is back, and many memes have 100x+ potential.”

Before delving into the list of recommended meme coins, cyclops issued a cautionary note, hinting at the volatile nature of these investments. Despite acknowledging the inherent risks, cyclop emphasized the unprecedented earning potential of memecoins, stating, “Many believe that memecoins are just a gamble […] However, I think it is the best way to earn in crypto if you learn when to buy and what to buy. And here’s why: ‘Buy when the pump starts.’”

Highlighting the distinct advantages of meme coins, cyclop pointed out, “Unlike other tokens, memes have an advantage: 100% of the supply is in the market, meaning there’s no emission, and VCs won’t be dumping their sky-high bags on you. Moreover, they have the biggest upside, and they are #1 rally gainers during a bull market (where we currently are).”

Reflecting on previous successful calls, such as POPCAT, ANALOS, and SILLY, which have seen returns ranging from 8x to 1000x, the analyst is now sharing a new list of promising meme coins:

#1 Wolf Wif (BALLZ)

With a $40 million market cap and $370,000 in liquidity, this coin stands out as the analyst’s “biggest bet,” highlighted by its lack of centralized exchange listings and partnerships, alongside the significant market cap achieved in under 24 hours. “NFA, but it looks like a new cult,” cyclop stated.

The memecoin is obviously inspired by DogWifHat (WIF), a memecoin that emerged on the Solana blockchain, similar to called BONK, which also saw significant gains and generated several millionaires. BALLZ may attempt to build on the success of WIF.

#2 SolChat (CHAT)

Priced at $5.8, with a $47 million market cap and $1.1 million in liquidity, SolChat has garnered attention from “major influencers” and a notable mention from the Phantom wallet, as remarked by cyclop.

According to the official website, SolChat is not merely a memecoin; it is a communication protocol on the Solana blockchain that enables text, voice, and video calls in a manner akin to traditional Web2 applications, but within a Web3 environment. It leverages the Solana blockchain’s low gas fees and on-chain storage capabilities for messages and group chats, positioning itself as a novel application in the rapidly evolving landscape of decentralized technologies.

#3 Harambe (HARAMBE)

A tribute to the beloved gorilla, this meme coin boasts a $45.8 million market cap, described as having “a real soul” by cyclop. HARAMBE is also based on the Solana blockchain and pays homage to the spirit of Harambe. It is driven by the community’s love for memes and a desire for community-driven projects.

Beyond its meme-centric nature, the Harambe meme coin aims to stand out by incorporating advanced AI technology. It features an AI neural network auto-trading bot designed to autonomously conduct trades in the cryptocurrency market, aiming to transcend the typical meme coin by leveraging AI hedge fund technology​​​​.

#4 Pelfort (PELF)

Showing a remarkable day growth of +550%, this coin has a market cap of $15.4 million and liquidity of $1.0 million, according to the crypto analyst. It is a Solana memecoin parody based on Jordon Belfort as Pepe.

#5 Doland Tremp (TREMP)

Like MAGA (TRUMP), TREMP is another meme coin that builds on the popularity of former US President Donald Trump and his potential success in the US election campaign. With a playful nod to political satire, TREMP holds a $37 million market cap, under the slogan “Mek Memes Gret Agen!”

crypto memecoin TREMP price

Rounding out the bottom of the analyst’s list are Brett (BRETT) at #6 and PENG on Solana (PENG) at #7, each with unique appeal and the potential for explosive growth, according to cyclop.