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BlockNews
Home CRYPTO

Chewy CHWY Stock and Crypto Skyrocket as Roaring Kitty Teases Potential Run

Michael Juanico by Michael Juanico
June 27, 2024
in CRYPTO, FINANCE
Reading Time: 3 mins read
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  • Roaring Kitty (Keith Gill) tweeted a cartoon image of a dog, which led to a surge in stock prices of pet-related companies like Chewy, PetMed Express, and Petco.
  • Chewy’s stock jumped by 33% in about 15 minutes, PetMed Express rose by over 7%, and Petco’s stock increased by 14% following Roaring Kitty’s tweet.
  • Gill, known for his influence in the GameStop stock frenzy, sparked speculation among traders that he might be hinting at expanding his focus beyond GameStop, given the history of GameStop’s CEO Ryan Cohen as the founder of Chewy.

Decrypt publishes article analyzing the surge in pet stocks after Roaring Kitty tweeted a cartoon dog image. The tweet sparked a wave of buying activity in pet care stocks like Chewy and PetMed Express. The price jumps were short-lived. The article discusses Roaring Kitty’s influence and the impact of social media on meme stock trading.

JUST IN: Chewy $CHWY trading has halted after Roaring Kitty posted this on X pic.twitter.com/n9RZbRK3v0

— BlockNews.com (@blocknewsdotcom) June 27, 2024

Roaring Kitty’s Influence

Roaring Kitty, aka Keith Gill, gained fame during the GameStop frenzy in 2021. His analysis and charismatic online presence have made him an influential figure, especially among retail investors. His latest cryptic tweet featuring just a cartoon dog image prompted a flurry of pet stock buying. This highlights his continuing impact despite a lack of context.

Pet Stock Price Spikes

Chewy stock jumped 33% and PetMed Express rose 7% following the tweet. Petco also saw a 14% increase. The surge shows Roaring Kitty’s power to move stocks just by posting memes. It also demonstrates the influence of social media and meme culture on trading.

Concerns Over Meme Stock Trading

The phenomenon of meme stocks gaining value from social media trends rather than fundamentals has sparked discussion. Veteran NYSE trader Peter Tuchman recently warned about the GameStop craze stoking envy, greed and unhealthy behavior. He criticized Roaring Kitty for inciting emotions among novice investors.

Conclusion

The pet stock gains from a single cartoon dog tweet demonstrate Roaring Kitty’s ongoing impact on the market. It also highlights concerns around meme stocks and social media’s role in driving trading decisions based on hype rather than fundamentals.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: ChewyDecryptKeith GillPetMed ExpressRoaring Kitty
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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