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The price of the meme cryptocurrency Chewy (CHWY) on the Solana blockchain has surged over 1,500% in the past 24 hours. Data from DEX Screener shows that CHWY's capitalization is approaching $10 million after this unexpected spike.
CHWY, which launched on June 27, has had a dramatic run. It first soared over 13,500%, then dropped 96% and has now pumped 15 times.
Gamza Khanzadaev
The latest pump, however, has a clear catalyst: Keith Gill, known as Roaring Kitty, disclosed a 6.6% stake in Chewy Inc. in a new SEC filing. Gill gained notoriety for his role in the 2021 GameStop short squeeze. For the record, Chewy is an online retailer specializing in pet food and products.
Coincidence or not?
Interestingly, Gill posted a photo of a cartoon dog on a blue background on a social media platform X three days before the meme token pump. Coincidentally, the Solana meme character Chewy appeared around the same time.
Gill did not mention the pet food company of the same name in his post, which leaves room for speculation about the coincidence or possible manipulation behind this spike in CHWY's value.
Adding to the intrigue, news of a class-action lawsuit against Gill over the GameStop options deal casts a shadow over this development.
The combination of Gill's social media activity and his SEC filing has fueled the sudden interest in the CHWY token, raising questions about the influence of the popular financial influencer on the market.
Arman Shirinyan
Dan Burgin
Alex Dovbnya