This Meme Coin made 16X after Roaring Kitty's description!

Solana-based meme coin Chewy (CHWY) surged 15 times after trader Keith Gill, known as Roaring Kitty, raised questions about possible manipulation. Meanwhile, Roaring Kitty, the figure behind GameStop's 2021 rally, currently holds 9 million shares of Chewy Inc. This purchase occurred amidst legal issues where Gill is facing a class-action lawsuit alleging manipulation of GME stock price.

This meme coin pumped with Roaring Kitty's statement!

The price of meme coin project Chewy (CHWY) on the Solana Blockchain has increased by over 1,500% during the day. Data from DEX Screener indicates that CHWY's market capitalization is approaching 10 million dollars after this unexpected increase. CHWY, launched on June 27th, experienced a dramatic rise. It initially surged over 13,500%, then dropped by 96%, and now has pumped 15 times.

CHWY price chart. Source: TradingViewHowever, the recent pump has a clear catalyst: Keith Gill, also known as Roaring Kitty, disclosed his 6.6% stake in Chewy Inc. in a new SEC filing. Gill gained fame for his role in the 2021 GameStop short squeeze. Meanwhile, it is worth noting that Chewy specializes in pet food and products as an online retailer.

Is it a coincidence or not?

Interestingly, three days before the meme coin pump, Gill shared a picture of a cartoon dog on a blue background on a social media platform X. Coincidentally, the Solana meme character Chewy had also emerged at the same time. Gill did not mention the pet food company with the same name in his post. This leaves room for speculation about the coincidence or possible manipulation behind the increase in the value of CHWY.

pic.twitter.com/jQBMX4jwjR

— Roaring Kitty (@TheRoaringKitty) June 27, 2024

In addition to the intrigue, news of a class action lawsuit against Gill due to the GameStop options agreement also casts a shadow over this development. The combination of Gill's social media activities and the SEC filing fueled sudden interest in CHWY token and raised questions about the popular financial influencer's impact on the market.

Roaring Kitty is accumulating CHWY shares

The SEC filing reveals that Roaring Kitty purchased 9.01 million CHWY shares. Additionally, this purchase worth $245.18 million makes Roaring Kitty one of the company's largest shareholders. This development came shortly after Gill shared a mysterious dog picture on his social media profile, implying his future investment strategy. Gill's actions were clearly felt in the market, and Chewy's shares reached their highest levels in almost a year during intraday trading. In addition, CHWY shares rose by 21.92% to $33.21 in pre-market trading on Monday, July 1st.

However, while Chewy's shares were rising, a completely opposite effect was experienced on GameStop (GME). GME shares experienced a 5% decrease in pre-market trading on Monday. Despite the recent success with Chewy, Gill is also facing legal challenges related to his previous activities at GameStop. As you follow from Kriptokoin.com, Gill is accused of securities fraud through social media posts in a class action lawsuit filed on June 28. Furthermore, the plaintiffs claim that there was a 'pump and dump' scheme around GameStop shares. The plaintiffs allege that Gill's posts misled his followers and caused many investors to suffer financial losses.