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Roaring Kitty returns, putting meme stocks and memecoins back into focus

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The return of 'Roaring Kitty' has shaken up the equities markets, but could memecoins be next?

The return of “Roaring Kitty” has boosted several so-called meme stocks in the U.S. markets this morning.

Around this same time, traders began piling into Dogecoin, which was trading under $0.01 a share in January 2021 and crossed the $0.50 mark that May before falling back. DOGE currently trades at $0.15. “Crypto is often criticized for not having use cases for the average Joe, and that is a fair comment,” Bus said during a speech at BUIDL Asia in Seoul In March. “But memecoins actually have been successful, consistently, in bringing people on-chain.”

Today, crypto makes up a significant portion of Robinhood’s business. In the first quarter of 2024, crypto trading volumes increased 224% year-over-year to $36 billion. Equity trading volumes rose 40% year over year to $225 billion.

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Return of Roaring Kitty Sends Meme Stocks Into ChaosGameStop, AMC, and Trump Media surged on Monday as a tweet from r/wallstreetbets' most popular Redditor signaled a return to meme stock mania.
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Roaring Kitty is back, and so are meme stocksThe man at the center of the pandemic meme stock craze returned to the social platform X for the first time in three years and sent prices of those stocks surging overnight. Keith Gill, better known as “Roaring Kitty,” posted an image on Sunday of a man sitting forward in his chair, a meme used by gamers when things are getting serious.
Source: AP - 🏆 728. / 51 Read more »