Watch Out for These Meme Coins: They're Trying to Prey on Investors!
Meme coin developers are capitalizing on the return of Keith Gill, known as @RoaringKitty, to social media.
According to a post by blockchain analysis platform Lookonchain, when @RoaringKitty broke her silence on social media for the first time after 2021, many new meme coins using the GME code were produced.
Keith Gill made a name for himself with his investments in GameStop (GME) shares with WallStreetBets investors in 2021. GameStop shares doubled in value after Gill posted again on social media. GME trading has been halted several times due to volatility.
Meme coin developers are turning this into an opportunity by producing meme coins that have no connection to GameStop but use the same code as it.
Someone who is said to have insider information about one such project spent 5.98 Ethereum ($17,700) to buy 146.11 billion GME. According to Lookonchain data, their value rose to $1.96 million.