Roaring Kitty-Linked RKC Memecoin Crashes After $729K Developer Exit
The developer of the new Solana-based memecoin spent about $729,000 after Keith Gill's Roaring KittyX account posted the token's token and contract address, sparking a short-lived trade before the post was deleted.
Following X's now-deleted post from Gill's account, Red Kitten Crew (RKC) briefly surged to $11 million in market cap before falling 67 percent to $3.6 million at the time of writing.
The token developer sold RKC for about $611,000 and collected another $118,000 in creator fees through Pamp.fun, bringing its total exit to about $729,000, according to blockchain analytics firm Lookonchain. The Lookonchain developer initially used 10 wallets to purchase 395.18 million RKC, representing 39.52% of the token supply, raising concerns that the startup had fallen under the control of wallets linked to the developer before retailers stepped in.
X's post marked Gill's first activity in more than 15 months and raised public concerns over a compromised account. The token's genesis distribution suggests a coordinated crackdown effort where creator-linked wallets fronted the community to extract value.
The episode highlights the concerns surrounding celebrity-linked memecoin startups, where a single social media post or suspicious account can send deals into a frenzy, before being sold to later buyers by concentrated early owners.
Cointelegraph reached out to Gill to find out if he still controls his X account.
RNC token sales. Source: Lookonchain
Gill was a retailer and former financial analyst who sparked the 2021 GameStop short squeeze via viral social posts, encouraging retailers to buy large amounts of GameStop ( GME ) stock, forcing short sellers like Citron Research to offload their positions.
Just deleted X post on RNK token. Source: The Roaring Kitty
Memecoin trader lost almost $190 thousand in 1 hour
Realizing the risk of trading newly launched memecoins with massively concentrated supply, a cryptocurrency trader lost nearly $190,000 in RKC memecoin within an hour.
Trader lost about $190k on RKC memecoin. Lookonchain
The unlucky trader spent $250,000 before Gil X's post was deleted for 31.15 million RKC tokens, after the trader sold the coins for just $62,200, leading to a loss of $188,600, Lookonchain reported.
RELATED: Kaiko suggests a possible front run before the Robin Hood token details
Scams and similar organized activity have been a long-term value extraction issue for memecoins.
On Wednesday, the blockchain visualization platform Bubblemaps warned that 90 newly funded wallets bought 90% of the secret (cryptic) memecoin offering when it launched, describing the token's focus as a “textbook scam.”
The crypto token fell more than 98%, wiping out most of its peak market capitalization of $7.5 million, according to DexScreener data.
Mystic/USD, all-time chart. Source: Dexscreener
In February 2025, a cryptocurrency sniper made nearly $28 million on the BROCCOLI memecoin, shortly after Binance founder and former CEO Zhangpeng Zhao revealed that his Belgian Malinois was named “Broccoli,” prompting community-driven memecoin listings on the launchpad.
Magazine: Bitcoiners Eye ‘Sell in May,' SBF Bids Closed for New Trial: Hodler's Digest, April 26 – May 2
