Roaring Kitty’s CHWY stock disclosure skyrocketed another Solana memecoin.
Solana-based project Chewy (CHWY) rose as much as 500% on Monday after meme stock trader ‘Roaring Kitty,’ legally known as Keith Gill, disclosed a 6.6% ownership stake in the online pet retailer Chewy Inc. via an SEC filing. The Chewy token on Solana has little utility other than as a speculative punt on the booming memecoin ecosystem.
Chewy memecoin on Solana spikes after Roaring Kitty disclosure | Source: DEX Screener
On June 27, Roaring Kitty published a photo of a cartoon-style dog on X. Anonymous developers created the Chewy meme token sometime between June 27 and June 28, using Gill’s social media post as the central theme.
pic.twitter.com/jQBMX4jwjR
— Roaring Kitty (@TheRoaringKitty) June 27, 2024
Chewy was the latest Solana memecoin to record gains stemming from ties with Roaring Kitty, although no official connection between Gill and the project has been established. Similar activity was spotted with Roaring Kitty-inspired memecoins like GME, KITTY, and ROAR.
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CHWY shareholder accused of GME stock manipulation
Solana’s CHWY gains coincided with a legal battle for Roaring Kitty, as the famous GME trader was slapped with a class-action lawsuit by one Martin Radev. The complaint alleged that Gill manipulated GameStop stock by orchestrating a “pump-and-dump” campaign through bizarre social media posts on Reddit and X.
Roaring Kitty allegedly purchased many GME stock options and returned to social media on May 12 to “pump his bags.” While filers claim Gill violated federal securities law, former federal prosecutor Eric Rosen doubts the lawsuit holds any water, crypto.news reported on Monday.
Read more: Who is Roaring Kitty, and why meme coins surge after his return?
