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Keith Gill, also known as the “Roaring Kitty,” is at it again, this time with a new Solana-based meme coin called Chewy (CHWY). CHWY price increased by 448% in the wee hours of Tuesday morning to trade at $0.00000000008406. The increase came after Gill announced he was holding 9,001,000 shares of Chewy (NASDAQ:CHWY), the online pet product retailer. Meanwhile, GameStop (GME), his other associated crypto meme coin, has been tumbling in price as investors rush to bag the new catch. The asset has decreased by 16% in the last 24 hours and by 7.5% in the last week. Could Chewy be the next Rearing Kitty-associated meme coin to blow up?
Chewy (CHWY)
Chewy markets itself as the ultimate meme coin, revolutionizing fun and finance. It is community-driven and was inspired by the viral nature of internet culture. According to their official website, Chewy aims to make crypto accessible, relatable, and enjoyable for enthusiasts and investors alike.
Chewy developers have plans to move beyond meme coin status and add utility to the token. The future of Chewy entails NFT integrations, engaging reward programs for users, meme contests, DeFi staking for yield earning, and social media campaigns.
CHWY launched four days ago, and the price has been extremely volatile, although it is contained in a consolidation zone. Immediately after the launch, CHWY price began soaring as Gill had, on the previous day, disclosed to the Securities and Exchange Commission (S.E.C.) that he owned a 6.6% stake worth $229 million in the pet product company.
The Chewy meme coin shows strong potential as major meme coin influencers continue to get on board. At the time of writing, CHWY’s 24-trading volume is up 1,173%, signaling an increase in investor interest. Ansem, another popular and influential figure in the Solana meme coin space, has also invested in the coin.
At just four days old, the meme coin has risen to a $4 million market cap and promises to rise higher. Gill posted a picture of a puppy on his X (formerly Twitter) account on June 27, immediately sending the CHWY stock flying, and triggering the birth of the Chewy meme coin.
— Roaring Kitty (@TheRoaringKitty) June 27, 2024
Chewy price launched at $0.000000000001236 and briefly fell to $0.000000000001183 before surging in price. Presently, early buyers are up over 74X. The current all-time high price for CHWY is $0.0000000002429, and if the meme coins break out of the current range, it can surge past this ATH price. Chewy has a total supply of 42.069 quadrillion tokens, with the entire supply in circulation.
Within just four days, Chewy has moved from zero to 8,562 holders at press time. This is enough to give the meme coin competitive power against its closest rival, Gamestop (GME). Investors who missed GME can jump on to Chewy before it breaks out of its current range.
The Roaring Kitty-induced price surge following CHWY’s launch and listing on CoinGecko has subsided. Currently, CHWY’s daily trading volume is 5 times greater than its market cap. This is usually not good news, as it indicates the crypto asset may be overbought. However, when the hype subsides, the new volume may drive up the price to new highs.
2. GameStop (GME)
GME price, on the other hand, continues to tumble for the second week in a row. At $0.006952, the price of GME is down 16.5% in the last 24 hours. The meme coin has been trending inside a consolidation zone since June 17 and is currently at the lower boundary.
If GME bulls prevail, holders may receive a 41% boost in price to reach $0.0099. On the flip side, GME may drop further and find support around $0.003579.
GME has a market cap 10 times larger than Chewy, meaning it may take 10 times as much volume to move Gamestop’s price compared to CHWY’s. Furthermore, despite the market cap difference, GME and CHWY have almost the same trading volume.
Conclusion
Chewy’s entry into the crypto space presents an exciting opportunity for Solana meme coin hunters who may have missed out on the Gamestop gains. GME and CHWY represent the growing intersection between TradiFi and the crypto market, offering a fresh avenue for potential significant gains.
The post Missed Gamestop? Chewy (CHWY) Could Make The Next Crypto Millionaires appeared first on CoinGape.
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