This week in Crypto!

The unexpected return of Roaring Kitty—real name Keith Gill, and also known as DeepFuckingValue on Reddit—on a Sunday night sparked a remarkable trading frenzy that resonated across meme stocks and digital currencies alike. This marked his first post in nearly three years on Twitter, now known as X, catalyzing significant market movements reminiscent of his influential role during the 2021 meme stock phenomenon.

Roaring Kitty’s reappearance instantly reignited the trading fervor around GameStop, sending its stock soaring. By Monday morning, GameStop’s price had skyrocketed, symbolizing a revival of the meme stock trading craze that Gill famously initiated two years ago. This surge, however, was short-lived, with the stock later taking a plunge as the initial excitement waned, yet it notably peaked with an over 200% increase at one point during the week, as per NYSE data.

The ripple effects of Roaring Kitty’s return extended beyond stocks into the cryptocurrency domain, where meme coins saw an even more pronounced surge. The Solana-based tribute token GME experienced dramatic fluctuations, reaching new highs before facing sharp corrections. Despite these shifts, it still recorded a substantial increase, trading at $0.0046—a 707% rise over the past week.

Solana emerged as the standout performer among the top ten cryptocurrencies, appreciating by 19% to $172. Other major cryptocurrencies like Dogecoin also benefited from the renewed trading enthusiasm, with Dogecoin itself climbing 6% to a price of $0.152. Lesser-known meme coins like Floki and Pepe enjoyed significant gains, increasing by 17% and 10%, respectively.

In addition to the meme-driven market movements, the broader financial landscape was influenced by macroeconomic factors. On Wednesday, the U.S. Bureau of Labor Statistics released data indicating that inflation in April was lower than anticipated, sparking optimism about potential rate cuts by the Federal Reserve. This news proved particularly bullish for Bitcoin, which surged by 10% in the following days, reaching $66,830 according to CoinGecko—its highest level since the halving event in April.

Roaring Kitty’s unexpected comeback not only rekindled interest in volatile meme assets but also underscored the interconnected nature of traditional and digital finance, illustrating how individual actions can precipitate widespread financial shifts.