Markets
Coin Supercycle or Liquidity Crisis? Expert discusses the return of RoaringKitty
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After a nearly two-year hiatus, the retailer known as RoaringKitty returned to social networks on May 13. Keith Gill, the real identity of RoaringKitty, is widely credited with driving GameStop (GME) stock higher in late 2020, and his comeback was enough to send the price of GME up nearly 147% in 24 hours.
Additionally, after his first post, Gill began sharing cryptic videos that caught the attention of well-known crypto investors, such as Ansem. This formed a landscape which is seen by the trader who identifies himself as EllioTrades in preparation for a “meme coin super cycle”.
However, some investors in the crypto community have expressed concerns that moves in traditional finance could drain liquidity from crypto. Eneko Knörr, CEO and co-founder of Stabolut, told Crypto Briefing that the liquidity of the crypto market is unlikely to be materially affected.
“If anything, it appears that the return of meme stocks has brought attention back to meme coins, with PEPE trading at an all-time high, for example. This parallel increase in stocks and meme coins indicates that the enthusiasm generated by the return of RoaringKitty is not limited to a single market, but rather constitutes a broader phenomenon that transcends traditional boundaries,” explained Knörr.
Furthermore, the Stabolut co-founder believes that the crypto market is well equipped to absorb and respond to such changes in investor sentiment, another sign that liquidity will remain robust in the crypto space. “In fact, the overlap between the meme stock and crypto communities may even lead to cross-pollination of investment ideas and strategies, further fueling the growth of both markets.”
A possible coin supercycle
Knörr highlights the impact of influencers and key opinion leaders (KOLs) on the crypto industry, citing Max Keizer and Kris Marszalek, CEO of Crypto.com, as examples. Their voices, he adds, can shape market sentiment.
Therefore, the return of RoaringKitty, combined with interactions with notable crypto investors, has the potential to spark a coin supercycle.
“The evolution of KOLs has led to a burgeoning economy in which influencers not only promote projects but also invest in them, often on favorable terms of course. This change has raised concerns about transparency and potential conflicts of interest, as many KOLs do not disclose their financial ties to the projects they promote. Despite these concerns, the influence of KOLs in the crypto market is undeniable, with research suggesting that they can have a significant impact on token prices and market trends.
The impact mentioned by the Stabolut co-founder is even more significant when it comes to meme coins, which often thrive on the enthusiasm and participation of influencers’ followers, and the endorsement of a top influencer can be an important catalyst for their growth.
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