Why Are GameStop And Kitty-Themed Memecoins Trading Higher Today? Read On

Cryptocurrencies linked to legendary trader “Roaring Kitty" surged higher Tuesday on high short interest in meme stock, GameStop Corp. GME.

What Happened: GameStop GME/USD, the Solana SOL/USD-based meme coin that pays tribute to the historic 2021 short squeeze, jumped 10% in the last 24 hours.

Additionally, Kitty AI KITTY/USD shot up 25%, with a 10% jump in 24-hour trading volumes.

Both of these memecoins have no fundamental ties to GameStop or Roaring Kitty but are just playing on the speculations of a short squeeze of the meme stock and a possible repetition of the 2021 event.

Why It Matters: Keith Gill, better known online as “Roaring Kitty,” has set the stock and cryptocurrency markets on fire with his social media comeback in May.

The trader has posted position updates on Reddit and even held a livestream during market hours on his YouTube channel.

His sporadic posts continue to inject volatility into GameStop and Kitty-themed memecoins.

Price Action: At the time of writing, GME was exchanging hands at $0.00661, up 10.84% in the last 24 hours, according to data from Benzinga Pro. Shares of GameStop closed 5.85% higher at $28.58 during Tuesday's regular trading hours.

Read Next:

Is Hester Peirce The Next SEC Boss? Potential Gensler Successor Urges Crypto Cooperation With CFTC: ‘We Both Serve The American People‘

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comments