Reason why $FLOKI and $PEPE suddenly surged?
GameStop Rally Sends Meme Coins Skywards; PEPE, FLOKI, MOG Surge
Meme coins surged after a post by Keith Gill, a retail trader whose online persona and investment strategies contributed to the GameStop short squeeze in 2021.
The meme coin surge was not limited to microcap tokens but also impacted larger tokens like Pepe and Floki.
Top meme coins climbed higher Tuesday after a viral post by retail trader Keith Gill, whose cult following contributed to the GameStop short squeeze of 2021, sent some stocks and tokens flying at the start of the week.
Gill, who turned $58,000 into an estimated $50 million between 2019 and 2021 by buying GameStop (GME) options, sparked a run in the stock after posting from his @TheRoaringKitty X account for the first time in three years. A mere picture posted by Gill sent the stock skywards, nearly doubling in value on Monday despite multiple trading halts, even as Gill did not directly mention Gamestop.
GameSpot’s retail euphoria quickly spread to token markets. Several offshoots and joke tokens referring to GameStop, Gill, and his online kitten persona flooded Solana and Ethereum blockchains – with a meme GME token surging as much as 500%.
The action was not limited to microcaps. Larger tokens Pepe (PEPE) and floki (FLOKI), and cat-themed tokens popcat (POPCAT) and mog (MOG) jumped as much as 30% in the past 24 hours, data shows. Such revival showed an early sign of risk appetite returning to the crypto markets following weeks of relatively lull trading action.
