According to U.Today, the meme cryptocurrency Chewy (CHWY) on the Solana blockchain has seen a dramatic increase of over 1,500% in the past 24 hours. DEX Screener data indicates that the capitalization of CHWY is nearing $10 million following this unexpected surge. The cryptocurrency, which was launched on June 27, initially soared over 13,500%, then plummeted 96%, and has now surged 15 times.
The latest surge in CHWY's value has a clear catalyst. Keith Gill, also known as Roaring Kitty, disclosed a 6.6% stake in Chewy Inc. in a recent SEC filing. Gill is known for his role in the 2021 GameStop short squeeze. Chewy Inc. is an online retailer that specializes in pet food and products. Interestingly, Gill posted a picture of a cartoon dog on a blue background on a social media platform three days before the meme token's surge. Around the same time, the Solana meme character Chewy also appeared. Gill did not mention the pet food company in his post, leading to speculation about the coincidence or possible manipulation behind this spike in CHWY's value.
Adding to the intrigue, news of a class-action lawsuit against Gill over the GameStop options deal has cast a shadow over this development. The combination of Gill's social media activity and his SEC filing has sparked sudden interest in the CHWY token. This raises questions about the influence of the popular financial influencer on the market.
