According to Cointelegraph, a dog-themed memecoin named Chewy (CHWY) has experienced a significant surge following the return of Keith Gill, also known as 'Roaring Kitty,' to social media. Gill, who is widely recognized for his role in the GameStop short squeeze, made a cryptic post on X (formerly Twitter) after a two-month hiatus. The post featured an image related to the Solana-based memecoin Chewy, which led to a nearly 28% increase in its price against Solana (SOL), trading above $0.011, as per CoinMarketCap data.
Memecoins like Chewy typically lack underlying technical utility and often rally based on social sentiment. Gill's indirect endorsement through his X post has been perceived as a strong signal by memecoin traders, who generally do not rely on fundamental or technical analysis. In July, Gill disclosed a 6.6% ownership in the online pet food retailer Chewy, which likely inspired the creation of multiple Chewy-related meme tokens.
Despite the rally, Gill's cryptic post appears to suggest that he may be distancing himself from the Chewy company rather than endorsing it. The image he shared is from the movie Toy Story, depicting a scene where Andy drops his favorite toy, Woody. In Gill's post, Woody is replaced by the Chewy token logo, possibly indicating his departure from his role at Chewy. Gill had previously shared an image related to Chewy in a post on X on June 27.
Gill's social media activity is closely monitored by memecoin traders, especially given his influence during the GameStop short squeeze in 2021, where GME stock surged by over 1,000% in a month. His recent post has also sparked speculation about a potential GameStop resurgence. Shortly after the post, an unknown investor purchased $2 million worth of GameStop (GME) shares, as noted by market tracker Unusual Whales in a Sept. 6 X post.
At the end of June, a GameStop investor filed a lawsuit against Gill, alleging securities fraud. The lawsuit claimed that Gill had failed to inform his followers and other GameStop investors about his plans to sell 120,000 call options before their June 21 expiration date. However, the lawsuit was dropped after just three days.
