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Chewy meme token has grown sharply by more than 1500% per day
Editor’s note: not investment advice!
The price of the Chewy meme cryptocurrency (CHWY) on the Solana blockchain SOL $134.69 Solana -0.12% Market capitalization $62.34 billion VOL. 24 hours $1.04 billion has increased by more than 1500% over the past 24 hours. According to DEX Screener, CHWY’s capitalization is approaching $ 10 million.
CHWY, which was launched on June 27, has gone through a «dramatic journey,» according to crypto experts. First, its price rose by more than 13,500%, then fell by 96%, and now it has risen 15 times again.
The latest rise has a clear catalyst: Keith Gill, known as Roaring Kitty, disclosed his 6.6% stake in Chewy Inc. in a new filing with the SEC. Hill gained notoriety for his role in the 2021 GameStop stock short squeeze. Chewy Inc. is an online retailer specializing in pet food and products.
Interestingly, Gill posted a photo of a cartoon dog on a blue background on the X platform three days before the meme token’s rise. Coincidentally, the Chewy meme character appeared on Solana at the same time.
Hill didn’t mention the pet food company in his post, which leaves room for speculation about coincidence or possible manipulation behind the jump in CHWY’s value. Adding to the intrigue is the news of a class-action lawsuit against Hill over a GameStop stock option deal.
The combo of Gill’s social media activity and his SEC filing has fueled the sudden interest in the CHWY token, raising questions about the popular financial influencer’s influence on the market.
The No Worries editorial team strongly recommends that readers do not invest their own funds in dubious crypto projects and little-known digital assets!