Roaring Kitty

A dog-themed memecoin is surging after the enigmatic return of Keith Gill, also known as “Roaring Kitty,” the individual credited with sparking the GameStop short squeeze.
After an over two-month hiatus, Gill returned to social media with a cryptic X post depicting <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/what-is-solana-and-how-does-it-work" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/news/what-is-solana-and-how-does-it-work">Solana</a>-based <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/">memecoin</a> Chewy (CHWY). Gill <a data-ct-non-breakable="null" href="https://x.com/TheRoaringKitty/status/1832086356849250635/photo/1" rel="null" target="null" text="null" title="null">shared</a> the below image in a Sept. 6 X post:
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 <img alt="Roaring Kitty returns with cryptic X post, Solana-based CHEWY memecoin soars 28%" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ccac-0758-78ac-be4c-8c08bf494e97">
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 Roaring Kitty, Chewy post. Source: Roaring Kitty
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Following the cryptic post, Chewy<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/">’</a>s price rallied nearly 28% against Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>), to trade above $0.011, according to CoinMarketCap <a data-ct-non-breakable="null" href="https://coinmarketcap.com/dexscan/solana/9rb1jspxnmsuyb57qzrl7zzzxenisd6qvc1yhantwhcb/" rel="null" target="null" text="null" title="null">data</a>. 
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 <img alt="Roaring Kitty returns with cryptic X post, Solana-based CHEWY memecoin soars 28%" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ccac-7a54-7172-ad23-1f7006f90588">
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 CHWY/SOL, 1-hour chart. Source: CoinMarketCap
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Memecoins like Chewy have no underlying technical utility and rally mainly on social sentiment. Even indirect X posts from the likes of Gill can be seen as a strong endorsement for memecoin traders, who aren’t trading based on fundamental or technical analysis. Earlier in July, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/roaring-kitty-chewy-ownership-6-6-percent" rel="null" target="null" text="null" title="null">Gill revealed a 6.6% ownership</a> in the online retailer of pet food and other pet-related products, Chewy, which likely inspired the creation of multiple Chewy-related meme tokens.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/roaring-kitty-gme-manipulation-citron-research" rel="null" target="null" text="null" title="null">Roaring Kitty’s $300M GME position sparks market manipulation claims</a>
<h2 id="is-roaring-kitty-dropping-or-endorsing-chewy">Is Roaring Kitty dropping or endorsing Chewy?</h2>
Despite the Chewy token’s near 30% rally, Gill’s cryptic post seems to suggest that he is dropping the Chewy company, not endorsing it.
The image shared by Gill is from the movie Toy Story and shows the scene where Andy drops his favorite toy, Woody. In Gill’s latest post on X, Woody has been replaced by the Chewy token logo.
This may indicate that Gill is hinting at his departure from his role at Chewy. He initially shared an image related to Chewy in a <a data-ct-non-breakable="null" href="https://x.com/TheRoaringKitty/status/1806371920495186041" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/TheRoaringKitty/status/1806371920495186041">post</a> on X on June 27.
<figure>
 <img alt="Roaring Kitty returns with cryptic X post, Solana-based CHEWY memecoin soars 28%" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ccac-ef72-74db-ada6-00de913b4466">
 <figcaption style="text-align: center;">
 Chewy post. Source: Roaring Kitty
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When the first GameStop short squeeze occurred in 2021, GME stock surged by over 1,000% in just a month. This is one reason why memecoin traders are closely monitoring Gill’s social media activity.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/citron-exits-gme-short-market-irrationality" rel="null" target="null" text="null" title="null">Citron no longer short on GME, cites ‘market’s irrationality’</a>
<h3 id="what-about-gamestop">What about GameStop?</h3>
Gill’s X post could also suggest a potential GameStop resurgence.
Shortly after Gill’s X post was published, an unknown investor bought $2 million worth of GameStop shares, <a data-ct-non-breakable="null" href="https://x.com/unusual_whales/status/1832088479473508462/photo/1" rel="null" target="null" text="null" title="null">noted</a> market tracker Unusual Whales in a Sept. 6 X post.
<figure>
 <img alt="Roaring Kitty returns with cryptic X post, Solana-based CHEWY memecoin soars 28%" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ccad-5711-73b8-95ea-ab46d1556c55">
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 GME $2 million buy. Source: Unusual Whales
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At the end of June, a GameStop investor sued Gill over alleged securities fraud. The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/roaring-kitty-fraud-lawsuit-gamestop-investor-dropped-three-days" rel="null" target="null" text="null" title="null">lawsuit was dropped</a> after just three days.
The initial lawsuit alleged that Gill had committed securities fraud by failing to inform his followers and other GameStop investors that he planned to sell some 120,000 call options before their June 21 expiration date. Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/roaring-kittys-shares-1b-gme-rally-btc-open-interest-soars-hodlers-digest-june-2-8/" rel="null" target="null" text="null" title="null">Roaring Kitty’s GME shares hit $1B, BTC open interest soars, and other news: Hodler’s Digest, June 2-8</a>

Roaring Kitty returns with cryptic X post, Solana-based CHEWY memecoin soars 28%

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