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%.

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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