TheRoaringKitty, a prominent figure in the meme token world, has once again demonstrated his significant influence. Fourteen hours ago, he posted a picture of a dog without any accompanying text or sticker.
Despite the lack of explicit endorsement, this simple post triggered a remarkable chain of events.
A new meme token named $CHWY was created shortly after the post, and within just 20 minutes, its value skyrocketed by 1350%, equivalent to a 13-fold increase, with a trading volume of approximately $2 million.
The rapid rise of $CHWY propelled it to the top of the Hot Pair rankings, attracting participation from 10 Smart Money investors and 62 Smart DEX Traders.
$CHWY Pump Was Short-lived With Over 80% Price Drop
One notable transaction involved Smart Wallet 0x4bfd7, which achieved a return of ~$7,000, translating to a 135.49% ROI, within 1 hour and 28 minutes. However, the meteoric rise of $CHWY was short-lived. Since reaching its all-time high, the price has plummeted by 80%.
$CHWY – KOL @TheRoaringKitty has a very big influence on meme tokens 😳
14 hrs ago, #TheRoaringKitty simply posted a picture of a dog, without mentioning any sticker or name.
At the same time, a pool of this related #Meme name $CHWY was created. Within 20 minutes, it grew 1350%… pic.twitter.com/UWxkYwDhTA
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) June 28, 2024
The incident highlights the volatile nature of meme tokens and the significant impact that influential figures like TheRoaringKitty can have on the market.
While the initial surge in $CHWY’s value created opportunities for quick gains, it also serves as a reminder of the potential risks and rapid fluctuations inherent in this segment of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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