Following her return to Twitter, Roaring Kitty, the trader behind the GameStop saga, caused a CHEWY coin reaction and further news about meme coins.
Get your weekly, bite-sized digest of meme coin news.
This week read about:
• Meme Coin News: Market Highlights
• CHEWY Tokens React on Roaring Kitty’s Latest Post
• PolitiFi Coins’ Market Cap Cut in Half in 2024
• Community Takeover Teams May Face Legal Issues – Report
__________
Meme Coin News: Market Highlights
The meme coin market capitalization has increased by 3.4% over the past 24 hours to $39.4 billion.
Not many coins are in the red today.
At the top of the red list we find Drunk Chicken Centipede (DCC), with a 24.2% drop to $0.0006161.
Neiro (NEIRO) also recorded a double-digit loss: nearly 16% to the price of $0.00004774.
The rest of this list saw drops below 9% per coin.
Looking on the green side, we find that BOBO Coin (BOBO) saw the highest increase of 39.9%, followed by Monkey Pox (POX)’s 23.3%, Doland Tremp (TREMP)’s 19.6%, Neiro on ETH (NEIRO)’s 14.4%, and Wojak (WOJAK)’s 14.3%.
Several other coins saw double-digit increases.
Now, turning the focus on the top 10 meme coins per market cap, we find all of them green.
Coq Inu (COQ) is the day’s winner, with a 3.5% increase, followed by Pepe (PEPE)’s 2.25%.
While a couple of coins are up below 1%, the majority has appreciated 1%-2%.
The top meme coin per market cap, Dogecoin (DOGE), recorded a 1.43% increase, trading at $0.09741.
The second largest coin is Shiba Inu (SHIB). It’s up 1.3%, currently changing hands at $0.00001.
CHEWY Tokens React on Roaring Kitty’s Latest Post
Today’s meme coin news comes from trader Keith Gill, also known as Roaring Kitty, who is credited with starting the GameStop craze. He recently posted something that might imply he is against Chewy, a pet supply company, to which the Solana-based meme coin responded right away.
Following a more than two-month hiatus from Twitter, Gill resurfaced on the platform on September 6th, sharing a photo of herself with the Chewy logo in place of Woody’s face during a scene from the well-known film Toy Story, in which Andy drops Woody.
— Roaring Kitty (@TheRoaringKitty) September 6, 2024
In June, Gill revealed a 6.6% ownership in Chewy. In the same US SEC filing, he declared he is not a cat.
It is hardly shocking that Chewy meme coins followed the disclosure, considering how many people have been following Gill’s every move since the GameStop scandal.
However, it appears from his most recent post that he is leaving the company.
Upon examining the performance of two CHEWY (CHWY) coins, we can observe that they both experienced a brief spike on September 6.
— Roaring Kitty (@TheRoaringKitty) September 6, 2024
While one appreciated 6% in the last 24 hours, the other fell 10% in a day.
Both saw drops over the past week and month. The former is down 5% in 7 days and 36% in 30 days, while the latter fell 12% in one week and 34% in one month.
PolitiFi Coins’ Market Cap Cut in Half in 2024
Within the meme coin industry, political finance (PolitiFi) coins have seen a notable decline in market capitalization during the last four months.
Remind yourself that although these coins are not made by or connected to political figures, entities, events, or movements, they are related to them.
However, the movement of the coins’ price is influenced by actual events.
The US presidential elections are coming up, and two of the most popular PolitiFi meme coins right now are about the candidates: former President Donald Trump and Vice President Kamala Harris.
That being said, the total market value of these coins has been declining even with the November elections drawing near.
The earliest available snapshot for this year is May 30, when the market cap stood at $816.64 million.
Yet, at the time of writing, that number stands at $485.6 million.
This is a significant $331 million decrease.
For the past few months, we have noticed that coins with Trump-related themes have continued to dominate the top 10 coins by market capitalization.
ConstitutionDAO (PEOPLE), however, has taken the first spot recently, pushing MAGA (TRUMP) down.
The project shut down in June last year, saying it “has run its course” and refunding the contributors. Its advantage over the PolitiFi scene has persisted, though.