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GameStop Wif Hat meme coin skyrockets 47,000%, then plummets

GameStop Wif Hat meme coin skyrockets 47,000%, then plummets


Source: Crypto Briefing

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Solana meme coin GameStop Wif Hat (GMEWIFHAT) showed stellar growth this Tuesday, with its price surpassing 40,000%. However, at the time of writing, the upside for GMEWIFHAT is just 131%.

The price increase is tied to the return of RoaringKitty, the trader largely credited for spiking the GameStop stock surge in late 2020 along with the “WallStreetBets” subreddit, whose real identity is Keith Gill. Another meme coin that benefited from this fact is Roaring Kitty Wif Hat (RWIF), which currently bolsters a 32,424% rise.

Moreover, both meme coins borrow the “hat” factor that was made popular by the token Dogwifhat (WIF), which is the largest meme coin on Solana by market cap, conquered after a price leap of over 181,000%.

Cat coins hypercycle?

The X user known as EllioTrades shared with its over 750,000 followers his thesis on the meme coin market after the return of RoaringKitty. According to EllioTrades, the man behind the WallStreetBets episode shared that “the dog days are over” in one of the videos posted after his comeback.

“Now on the surface this may be seen as a simple announcement of his return (as a cat). Maybe the Dogs are actually referencing Wall Street elites. It really does not matter. Memes thrive on IYKYK style attention betting and the prominence of Roaring Kitty post “Dumb Money” movie hitting netflix is levels beyond anything we’ve seen before,” said EllioTrades.

Therefore, EllioTrades explained that he will add exposure to all cat-themed coins he currently holds. He also thinks that the market is yet to start its bull cycle, with more upward movement set to happen in the next months.

Moreover, the trader predicted that once the new generation of traders starts flowing to crypto from social platforms such as TikTok, memes that are popular among “Gen Z” will give life to the most profitable meme coins.

“The first real example I saw of this was $HAMMY (Sad Hamster) which I bought because my wife shows me that crying hamster literally all the time on TikTok. As the dumb money trade goes viral again, the next gen will bring over the “REAL” memes actually going viral on socials. They will shift the game to one where they have the upper hand, as any new group would attempt to do,” he concludes.

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Author: Gino Matos