Author: Frank, PANews
The man who led the retail investors in their battle against Wall Street is back. Twitter user @Roaring Kitty (real name Keith Gill) is the initiator of the 2021 retail investor fight against airdrops, which pushed GameStop's stock price soaring. On May 13, Roaring Kitty became active on Twitter again, posting a large number of short videos on Twitter and hinting that the community has once again set off a new retail investor revolution.
Influenced by the news of his return, the related MEME coin also ushered in a wave of surge. Among them, KITTY and GME are the most directly related tokens and the two tokens with the most eye-catching market performance. GME (solana chain) rose by 257 times in the past week, and KITTY (BASE chain) rose by 157 times.
MEME conjecture triggered by short videos
For a time, Roaring Kitty once again became synonymous with the market's wealth code, and retail investors began to focus on Roaring Kitty's Twitter content in an attempt to discover new wealth codes. And she herself seemed to be very keen on posting short videos, posting dozens of them every day. Some crypto users launched related MEME tokens based on her video materials, trying to take advantage of Roaring Kitty's popularity.
Roaring Kitty's videos are basically a compilation of movie clips, with a duration of less than a few dozen seconds. There is no clear theme, but the overall content seems to be related to heroism and resistance. For example, the clip where the hero of Braveheart shouts "Freedom" before being executed, or the scene where the Avengers fight against Thanos. In addition, he will deliberately enlarge the subtitles of these videos and mark some keywords in red or highlight them.
PANew counted the 46 keywords that appeared in Roaring Kitty’s videos in recent days and found that the number of MEME coins created on Solana based on these keywords reached 202. This grand occasion is quite similar to the style of Elon Musk leading orders on Ethereum.
90% of MEME related transactions are unmanned
But maybe MEME players overestimated Roaring Kitty’s MEME influence. Among the 202 MEME coins released based on his video, only one JUST UP token has managed to develop into a trend. It rose 10 times in a short period of time after a Chinese MEME KOL called for it, but as the heat faded, the token also fell rapidly. The current price has fallen 94% from its high, and the market value is only $16,000.
Most of the other tokens were not bought or sold after they were released, and only 4 of the 202 tokens had some transactions.
Why are there so many worthless tokens being issued? The main reason behind this is that the one-click coin issuance tool Pump.fun has made the cost of issuing coins lower and lower. In the past, it cost at least several hundred dollars to issue a MEME coin on Ethereum. If the income from issuing coins cannot even cover the cost, then there will not be many tokens of this type of keyword. The cost of issuing coins on Solana has now dropped to about 2 US dollars, which is almost negligible for users who hope to make a fortune by issuing coins. Therefore, it can be seen that almost all MEME coins related to Roaring Kitty are issued on Solana.
Another reason is that Roaring Kitty’s videos are released very frequently, and there are many keywords in one video. If tokens are issued completely according to the keywords in the video, hundreds of new tokens can appear almost every day. There is basically no subsequent remarketing opportunity for these keywords. In this regard, it is completely different from the MEME coins such as TROLL and GROK that Musk previously brought orders. The keywords triggered by Musk are generally mentioned repeatedly, and the keywords themselves represent either an event or a product, which is random and developmental. As time goes on, whenever these keywords are mentioned again by Musk or there is some progress, it will affect the market performance of this type of MEME coin. Roaring Kitty’s video materials do not have these characteristics, and they are all wishful pursuits by retail investors.
Divided attention makes it difficult to win a golden dog
Although Solana and Base Chain have caused the hot state of MEME coins in the past six months, according to Cointelegraph, more than 1 million new cryptocurrencies have been launched since April, of which 640,000 are on Solana and about 320,000 are on Base. At the same time, Solana's DEX transaction volume has exceeded US$1 billion for several consecutive days. Behind this excitement, it does not mean more opportunities for MEME coin players, but rather more dispersed enthusiasm, making it more difficult to find the "golden dog".
Take Roaring Kitty as an example. In this round of hot pursuit, it is not concentrated on a single chain. GME and KITTY are all issued on Solana, Base, and Ethereum chains, and there is no connection between them. This results in the popularity being dispersed to multiple currencies, and it is difficult for funds to concentrate on promoting a project to create a hot effect.
For players, this also increases the probability of falling into traps. According to PeckShieldAlert monitoring, a GME coin with the same name as MEME was instantly reduced to zero by the project owner, and 270,000 US dollars of ETH were plundered from the market. Even the tokens that were most directly affected by the Roaring Kitty hotspot generally experienced a sharp drop after a short rise. The average drop was about 70%.
In general, it seems that making money on popular MEME coins is not an easy task. In addition to hot spots, there are also issues to consider, such as contract security, whether there are direct promoters behind it, and the timing of buying and selling. Otherwise, blindly chasing hot spots will not avoid being harvested.
