6 months ago
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The return of Keith Gill (also known as “Roaring Kitty”), the man who largely contributed to the GameStop short squeeze in 2021, and the Dogecoin run, has led to talks about another imminent meme coin mania. If so, some meme coins are worth watching, as they could be the biggest beneficiaries of such development.
Pepe (PEPE) And Dogwifhat (WIF) Could Lead The Way For Meme Coins
PEPE and WIF look set to lead the way if there is another meme coin mania due to Gill’s return. Gill was at the helm of the GameStop saga in 2021 when a group of Reddit traders staged a financial revolution against hedge fund managers who had been shorting the retail company’s stock. This led to GameStop’s stock rising from under $3 to $483 in under a month.
This event is believed to have paved the way for the meme coin frenzy, which began afterwards as many retail investors came into crypto following that event. This led to a parabolic rally in the prices of different meme coins, including the foremost ones, Dogecoin and Shiba Inu. However, with Dogecoin and Shiba Inu looking to have lost most of their bullish momentum, newer meme coins like Pepe, WIF, and even Bonk could lead the way this time around.
These newer meme coins have recorded significant gains in the last 24 hours since Gill made his first X (formerly Twitter) post announcing his return. Specifically, Pepe has been the largest gainer among the top-ranked meme coins, posting a price gain of over 25%, according to data from CoinMarketCap. WIF and BONK have also recorded price increases of 11% and 9%, respectively.
Dogecoin and Shiba Inu also recorded significant price gains. However, in the long run, Pepe, WIF, and BONK are expected to outshine the two largest meme coins by market cap since they have more room to make parabolic moves to the upside.
Meanwhile, Gill’s return can also be considered timely since meme coins were already projected to be one of the leading narratives for this bull run. As such, this can further ignite a notable surge in the meme coin market.
The Event That Leads To Mainstream Adoption
Crypto expert Scott Melker predicted that mainstream crypto adoption would return when Dogecoin hits a new all-time high (ATH). However, Gill’s return could very well be the event that marks the return of retail investors into the crypto space. Moreover, what happened following his return makes a strong case for why crypto is the future of finance.
The New York Stock Exchange (NYSE) was reported to have halted the trading of GameStop’s stock due to its volatility following Gill’s numerous X posts. Such an occurrence is impossible on-chain, which could further convince traditional finance (TradFi) traders that using decentralized protocols is a better option.
Unlike the NYSE, these decentralized exchanges didn’t halt trading despite the GameStop (GME) meme coin, which isn’t affiliated with the retail company, soaring by over 3000% in a single day.
Featured image from Blockzeit, chart from Tradingview.com
