The return of Keith Gil (also known as “Roaring Kitty”), the man who contributed greatly to the GameStop short squeeze in 2021, and the Dogecoin run, have led to talk of another impending coin mania. If so, there are some meme coins worth keeping an eye on, as they could be the biggest beneficiaries of such a development.
Pepe (PEPE) and Dogwifhat (WIF) could pave the way for Meme coins
PEPE and WIF looks set to lead the way if there is another 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 were shorting the retail company’s shares. This led to GameStop Stock going from less than $3 to $483 in less than a month.
This event is believed to have paved the way for the coin frenzy, which subsequently began, as many retail investors jumped into crypto following this event. This led to a parabolic rise in the prices of different meme coins, including the most important ones, Dogecoin and Shiba Inu. However, while Dogecoin and Shiba Inu appear to have lost most of their bullish momentum, new coins like Pepe, WIF, and even Bonk could lead the way this time around.
These new meme coins have seen significant gains in the past 24 hours since Gill created his first X (formerly Twitter) job announcing his return. Specifically, Pepe was the biggest gainer among top-ranked meme coins, posting a price gain of over 25%, according to data from CoinMarketCap. Wireless And BONK also recorded price increases of 11% and 9% respectively.
Dogecoin and Shiba Inu also saw significant price gains. However, in the long term, Pepe, WIF and BONK are expected to eclipse the two largest coins in terms of market capitalization as they have more room to make parabolic moves upwards.
Meanwhile, Gill’s return can also be seen as timely since the meme pieces were already projected as one of the main narratives of this. bull run. As such, this may trigger a notable increase in the coin market.
The event that leads to mainstream adoption
Scott Melker, cryptography expert predicted that mainstream crypto adoption would return when Dogecoin reached a new absolute record (ATH). However, Gill’s return could very well be the event that marks the return of retail investors to the crypto space. Additionally, what happened after his return clearly demonstrates why crypto is the future of finance.
THE New York Stock Exchange (NYSE) was reported having halted trading in GameStop shares due to their volatility following Gill’s numerous X-rated posts. Such an event is impossible on-chain, which could convince traditional finance (TradFi) traders more than the use of decentralized protocols is a better option.
Unlike the NYSE, these decentralized exchanges did not halt trading despite the meme coin GameStop (GME), which is not affiliated with the retail company, surging more than 3,000% in a single day.
Featured image from Blockzeit, chart from Tradingview.com
