Roaring Kitty Returns: Solana Memecoin $GME Surges 300% as Celebrity Token Mania Takes Over

The crypto world loves a comeback story, and on June 3, 2024, it got one of the most dramatic in recent memory. Keith Gill, the trader known as “Roaring Kitty” who became the face of the 2021 GameStop short squeeze, resurfaced on social media — and the Solana-based memecoin bearing the GME ticker exploded, surging over 300% in a matter of hours.

TL;DR

• Roaring Kitty posted for the second time in two weeks, sending an Uno reverse card image on X
• Solana memecoin $GME surged 300%, surpassing $100 million market cap
• Gill revealed a $115.7 million position in 5 million GME shares plus $65.7M in call options
• Celebrity memecoins emerged as a major Solana trend, led by Iggy Azalea’s $MOTHER
• Telegram-affiliated $NOT token 6x’d in a week to a $3 billion market cap

The Roaring Kitty Effect

Keith Gill first posted on X (formerly Twitter) on May 13, 2024 after a three-year hiatus, sending GameStop shares soaring. On June 2 and 3, he returned with another post — an image of the Uno reverse card — and then dropped a screenshot on Reddit showing he held 5 million shares of GameStop stock, purchased for $115.7 million, alongside $65.7 million in call options betting the stock would hit at least $20 by June 21.

The impact was immediate. GameStop shares jumped 19.19% to $27.50 within 20 minutes of the Reddit post. The stock had already gained 38.8% year-to-date before Gill’s latest reveal.

But the real chaos played out on-chain. A Solana-based memecoin called $GME — unrelated to the actual GameStop corporation — saw its value more than triple. Trading at approximately $0.0147, the token’s market cap surged past $100 million, while its trading volume skyrocketed over sixfold to more than $150 million in 24 hours.

Kitty Coins and the Memecoin Contagion

The Roaring Kitty effect was not limited to $GME. Kitty-themed tokens, including Kitty AI, also doubled in value as traders raced to capture any narrative connected to Gill’s return. The memecoin market, already one of the hottest sectors in crypto in early 2024, received another shot of adrenaline.

On the same weekend, Telegram-affiliated memecoin $NOT went on an extraordinary rally, climbing sixfold in a single week and briefly topping a $3 billion market cap. Remarkably, $NOT led all tokens — including Bitcoin and Ethereum — in trading volume over the weekend. Bitcoin was trading at approximately $68,800, while Ethereum held above $3,760, but neither could match the sheer volume of $NOT transactions.

Celebrity Memecoins: The New Gold Rush on Solana

Perhaps the most telling development of the June 3 trading session was the emergence of celebrity-launched memecoins as a distinct Solana ecosystem trend. Australian rapper Iggy Azalea, who boasts nearly 8 million followers on X, launched and heavily promoted a memecoin called $MOTHER on Solana. Boxing champion Floyd Mayweather and several other celebrities quickly followed suit with their own tokens.

The trend sparked a polarized debate within the crypto community. Proponents argued that celebrity involvement brought mainstream attention and new users to blockchain networks — a net positive for adoption. Critics countered that these tokens were essentially cash grabs designed to extract value from retail investors, further damaging the industry’s already fragile reputation.

Broader Market Context

The memecoin frenzy was unfolding against a backdrop of significant macro and institutional developments. President Biden had vetoed SAB121, a measure directing financial institutions to keep customer crypto assets on their own balance sheets. Gemini Earn creditors received $2.2 billion in crypto in-kind. The Uniswap fee switch vote was postponed indefinitely, and Linea — an Ethereum Layer 2 — stopped producing blocks after the Velocore DEX was hacked, highlighting ongoing centralization concerns in the L2 space.

Meanwhile, Ethereum was riding its own wave of momentum following the surprise spot ETH ETF approval. ETH was up approximately 30% week-over-week, with about $2 billion in offshore open interest added and roughly $500 million in CME open interest. Lido DAO (LDO) emerged as one of the few altcoins significantly outperforming Ethereum itself, generating approximately $200 million in annualized fees for its treasury.

Why This Matters

The June 3 memecoin explosion illustrates a dual reality in crypto: institutional infrastructure is maturing with ETF approvals and regulatory engagement, while retail speculation remains as intense as ever. Roaring Kitty’s return shows that the meme-stock phenomenon of 2021 has permanently migrated into crypto markets through on-chain tokens. Celebrity memecoins represent a new chapter in this narrative — one that could bring millions of new users to blockchain networks, or burn them badly enough to delay mainstream adoption. The Solana network is the primary battleground for this trend, handling the transaction volume and user activity that these viral tokens generate. Whether this ends as a cautionary tale or a genuine on-ramp for new crypto users remains to be seen.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and memecoins in particular are highly volatile. Always conduct your own research before making investment decisions.