GME Concept
"Roaring Kitty," the "retail stock god" behind the massive short squeeze of GME, has returned to the public eye after three years, sparking a frenzy of memes in both the stock and crypto markets. Currently, the heat around GME continues, and related meme coins in the crypto market are also flourishing. In the face of overwhelming traffic, which meme coins are crypto degens rushing to?
GME Concept
With the return of the "GME stock god," GME naturally became the hottest speculative target. However, due to Roaring Kitty's overwhelming influence, multiple imitations of GME have emerged. Despite some divergence in consensus, the traffic from the original retail stock god is enough to support significant short-term gains for each "GME imitation."
Among the many new "GME imitations," the GME deployed on Ethereum is favored by more degens due to its "Ethereum ecosystem + low circulation market value," achieving tens of times in gains over the past two days. Additionally, the GME in the Base ecosystem has also reached historic highs under the support of the "Base season." Meanwhile, the Solana ecosystem, having existing GME-related meme coins, saw new imitations quickly perish after a short-term rise.
Currently, the heat around GME in the US stock market continues, but the "GME consensus" in the crypto market is gradually converging. The aforementioned GME meme coins in the Ethereum and Base ecosystems have experienced significant retracements today, with only the "veteran GME" in the Solana ecosystem still staying at high levels synchronized with the US stock GME. At the time of writing, the price of the veteran GME on Solana is maintaining a historical high of $0.018, doubling its market value to $12.5 million from the previous day.
"Keith-related" Concept
In addition to the GME concept, there are also many meme coins related to Roaring Kitty (real name Keith Gill), covering everything from personal names and personal items to social platforms and movie IP.
KITTY
The meme coin KITTY on Solana was deployed on March 31 this year, using the concept of Roaring Kitty's name. It plummeted over 90% to zero on the day after its launch but unexpectedly surged due to Roaring Kitty's return. A trader spent about $3,000 to purchase 17.4 million KITTY the day before Roaring Kitty's tweet and has now made over $100,000 in profit from this tweet. Additionally, the low market value meme coin RWIF (Roaring Kitty Wif Hat), which combines with Solana's native meme coin WIF, also continued to rise after its launch yesterday, achieving a 10x increase in 24 hours.
The "Magic 8 Ball," frequently used by Keith in a YouTube live stream three years ago, has now been turned into the meme coin M8B by the community today. However, due to its niche concept, M8B does not currently have a significant traffic effect.
In February 2021, the Wall Street Journal published an article titled "Keith Gill Drove the GameStop Reddit Mania. He Talked to the Journal." interviewing Keith about the entire GME short squeeze event. Before the GME short squeeze movement, Keith vigorously promoted GME on the Reddit platform to the well-known retail investor community WSB (Wall Street Bets). After convincing WSB, Keith and WSB jointly supported GME on social media, ultimately achieving a retail investor's feat against Wall Street.
After Keith's return, the Reddit concept meme coin on Solana also became the "target" for degens, reaching a historic high after months of zeroing out. However, due to less consensus than GME, the price of REDDIT also halved today.
DUMB MONEY
Last year, Keith Gill's GME story was adapted into the Hollywood movie "Dumb Money," once again causing a stir on social media. The film, based on Ben Mezrich's new book "The Anti-Social Network," focuses on the story of retail investors from the Reddit platform WSB banding together to fight against Wall Street.
Today, a meme coin based on the concept of this movie IP, DUMB, has also appeared on Solana. According to Dexscreener, DUMB has become the top token in the Solana ecosystem, achieving the highest 10x increase in half a day at the time of writing.
"Wall Street Meme Stock" Concept
In addition to the retail stock god Keith himself, the "Wall Street retail investors" and the related concept of "Meme Stock" are equally important. Therefore, in this wave of meme market, they have also "benefited greatly."
AMC
After the massive short squeeze on GME, retail investors in the US stock market were still high-spirited and once again staged a short squeeze drama on the stock AMC, which was also heavily shorted by Wall Street institutions and the media. Since then, GME and AMC have become the top representatives of the "Meme Stock" concept, with the latter always following the former in terms of traffic.
In this wave of GME meme frenzy, the AMC concept meme coin on Solana has performed just as well as GME. After months of zeroing out, AMC directly achieved a historic high of nearly 3 times in the past two days, still maintaining around $0.02 at the time of writing, with a market value exceeding $20 million.
WSB
Of course, the GME frenzy is definitely inseparable from WSB. Since the GME short squeeze, WSB has gained fame, and therefore, related meme coins have a "long history." The most orthodox WSB concept meme coin was deployed on Ethereum in early last year, but after a brief surge, it did not escape the fate of zeroing out. Even in this "returning to great news" scenario, WSB is unable to return to its historical high.
HALT
Yesterday, after Keith's return, the US stock GME once again experienced a trading halt after many years, so the term "Halt" has also become a meme concept to charge into. Today, a meme coin based on the concept of "Halt" appeared on Solana, called HALT (Solana Exchange Commission), aimed at satirizing Wall Street institutions and the NYSE. According to Dexscreener, HALT currently ranks second on the Solana token heat list.
The impact of Keith's return exceeds that of everyone else, and because all of his current operations are just posting videos on X, the market's expectations for the further development of the "return narrative" are left open. It can be foreseen that the GME frenzy will continue for some time, but in the context of insufficient liquidity, this frenzy may not necessarily support all related concepts to flourish. Perhaps the opportunity lies in finding the strongest consensus. Leaving aside the US stock market, in the crypto market, riding the wave of meme frenzy is like a fast-paced game, so all degens should also be aware of the risks.
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