<div id="readability-page-1"><div><div>The &#34;Roaring Kitty&#34; mania rippled across the meme coin market, causing coins themed on kitty avatars to soar to unprecedented heights.What Happened: Coins, which had nothing to do with either Roaring Kitty — the social media nickname of retail trader Keith Gill —or Gamestop, the company at the center of the well-known short squeeze in January 2021, began climbing solely due to the buzz surrounding the word “Kitty.”<figure><figure><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 12:30 a.m. EST)</td></tr><tr><td>Roaring Kitty ROAR/USD</td><td>+545%</td><td>$0.001459</td></tr><tr><td>Kitty Coin Solana KITTY/USD</td><td>+126%</td><td>$$0.0009446</td></tr><tr><td>Kitty AI DOGE/USD</td><td>+10.6%</td><td>$0.0002691</td></tr></tbody></table></figure></figure>Ethereum-based Raoaring Kitty was the largest gainer in the memecoin space, exploding 545% over the last 24 hours, according to data from CoinGecko. Similarly, Solana-based Kitty Coin Solana was up 126% in the said timeframe, ranking as the third-best-performing coin in the space.Amid these astronomical gains, on-chain tracking site Lookonchain revealed how a trader purchased a large amount of KITTY moments before the tweet from Roaring Kitty–the event that sparked the euphoria.The &#34;lucky&#34; trader then sold a significant portion of his stash when prices pumped, leading to a massive 32x jump in profits.<figure></figure>Why It Matters: The phenomenon reaffirmed the volatile and speculative nature of meme coins, requiring just a social media post to swing wildly.While they appear enticing to a lay investor during periods of hype, questions remain regarding the sustainability of the surge. It would be interesting to observe how long these new kitty-themed tokens can keep their upward trend.Image Courtesy: PixabayIt was observed that the more established meme coins seem to show greater resilience during weak markets.Read Next: GameStop Stock Pumps, But What About The GameStop Meme Coin?</div></div>© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.</div>

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The meme coin market experienced a surge in value as coins themed on kitty avatars soared to unprecedented heights. "Roaring Kitty" was the largest gainer, with a 545% increase in the last 24 hours. The phenomenon highlights the volatile and speculative nature of meme coins, fueled by social media hype. The sustainability of this surge remains uncertain.

'Roaring Kitty' Comeback Makes Cat-Themed Coins Explode: ROAR Shoots Up Over 500%