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HTX Lists KITTY Memecoin as GameStop Meme Craze Continues

KITTY has captured HTX’s attention following a 20,000% price surge over the past week.

Avatar image of Mishael Nwani Mishael Nwani•May 14, 2024

Cryptocurrency exchange HTX (formerly Huobi) has listed KITTY, a Solana-based memecoin, on its platform. The announcement comes shortly after the meme token’s value skyrocketed by over 20,000%.

Why the Surge?

Launched in March 2024, the KITTY memecoin was inspired by an internet joke about The Roaring Kitty, the X username for a popular retail trader with the legal name, Keith Gill. Shortly after its launch, the token’s value was minimal. However, on-chain data confirms that the Solana-based memecoin has soared over 23,700% in the past seven days. The token’s market cap is also $28.8 million.

The sudden surge is heavily attributed to the reappearance of the retail trader from a nearly three-year dormancy on social media. Between 2019 and 2021, Gill publicized $GME, the stock for a video game retail company called GameStop. In 2021, a historic short squeeze triggered fund losses for several investors. The retail trader disappeared from social apps after that event.

On May 13th, Gill shared a picture on X portraying a man becoming serious with a video game. The post was interpreted by many as a renewed focus on the $GME stock. This captured investors’ attention and a huge pump on GameStop’s meme stock ensued. At press time, $GME is up over 74% within 24 hours.

Since then, several memecoins themed around the GameStop story have recorded astronomic growth. Yesterday, a Solana-based GME memecoin recorded over a 2000% surge in just 24 hours. Another token called ROAR saw a 2200% price increase.

Will Other Exchanges Follow HTX’s Path?

HTX explained in its announcement that the KITTY memecoin will be available for spot trading “when open when the deposit volume meets the demand of market trading.” Withdrawals for the memecoin will commence from May 15th.

It remains unknown whether other crypto exchanges will follow HTX’s path by listing the KITTY memecoin. However, other crypto exchanges like Bitget have recently listed GameStop-themed meme tokens like GME.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.