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Meme stock influencer Keith Gill, aka Roaring Kitty, exerted his lasting influence on the odd corners of the stock market this week, as the much-hyped explosion of Ethereum's layer-2 network fell flat.
After a long silence, GameStop bull Roaring Kitty suddenly returned to Twitter with a post about a cryptic, wordless cartoon dog.
Within 15 minutes, (sorry) Dog Whistle sent out a massive pet care inventory. Chewy, Inc. Momentum rose 33%, Petco rose 14%, and PetMed Express rose 7%.
Those jumps created multi-billion dollar valuations in minutes. Just as quickly, however, the benefits were erased.
As is becoming increasingly common with such events, Solana's meme coin under the name CHEWY saw an increase of about 11,000% in the news cycle. Interestingly, some traders seem to have bought the token before Roaring Kitty made a dog-focused post.
Similarly, earlier this week, CHEWY stock appears to have traded favorably.
Meanwhile, in the cryptoverse proper, this week saw the release of 17 billion newly minted BLAST tokens via a free airdrop of the much-anticipated BLAST native token.
Many expected the event to be the free money event of the summer. And while it's nothing to sneer at – early transaction prices put the airdrop at a collective value of $354 million – there were plenty of takers. Very sad with those figures.
The frustration is probably the origin previous, Sky-high expectations For the token, they are based on the popularity among the crypto whales of the explosion network. Exaggerated sums First blurb collected during the airdrop for Blast—the disruptive, empowering NFT marketplace.
As BLAST launched on Wednesday morning, the token experienced a massive selloff, further depressing its price. That's normal for airdrops—but then again, high expectations exacerbated the initial pain.
Some stakeholders in the explosion ecosystem, however—such as adults Virtual high Player Jenderfer-He pushed back the narrative that the explosive airdrop failed.
Jenderfer emphasized that, within hours of the BLAST shortage, many Blast users abandoned the new token, but many whales in the ecosystem remained committed to it.
The value of BLAST Renovated for a short time on Thursday, before falling again. Currently hovering. Around $0.02Far below expectations.
Edited by Andrew Hayward.
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