- Keith Gill, the trader popular as Roaring Kitty, is slapped with a lawsuit for allegedly orchestrating GME stock pump and dump.
- Solana meme coins have posted double-digit gains in past 24 hours. WIF, BONK, MEW, WOLF rallied.
- Solana meme coins and large market cap meme tokens had posted gains alongside GME stock following Gill’s return to X in May.
Keith Gill, popular as Roaring Kitty, the trader behind the alleged GameStop (GME) stock pump and dump has been slammed with a class action lawsuit. The plaintiff accuses Gill of orchestrating a pump-and-dump scheme and failed to disclose his purchase and sale of GameStop options in May 2024.
The lawsuit was filed on June 28. Crypto traders are expected to closely monitor developments in the lawsuit as Solana-based and large market cap meme coins rallied alongside GME stock.
Solana-based meme coins have noted a resurgence on Monday with Dogwifhat (WIF), Popcat (POPCAT), cat in a dogs world (MEW), LandWolf (WOLF) have noted double-digit gains in the past 24 hours.
Solana meme coins rally while Roaring Kitty faces securities fraud allegations
Keith Gill is being sued for alleged “pump and dump” or manipulation of GME stock. The June 28 lawsuit was filed at the US District Court for the Eastern District of New York.
Gill faces charges of financial fraud allegedly orchestrated through a series of social media posts starting May 13. The plaintiff who filed the class action is represented by the law firm Pomerantz and alleges that he was “harmed” after purchasing 25 shares and three call options of GME in May.
The crypto community has had mixed reactions to the news. Solana-based meme coins started rallying in the past 24 hours. Several Solana-based memes have noted double-digit gains, and most others have been close to 10% higher in the past 24 hours, per CoinGecko data.
Solana-based meme coins
Attorney Eric Rosen believes the lawsuit against Gill is “unlikely to succeed.” In his analysis, Rosen argues that “the entire nature of securities fraud is that the fraudster either lies to you, misleads you by failing to disclose something, or omits to disclose something material that they are required to disclose. Here, Gill disclosed he had purchased options with a June 21, 2024 expiration date. Any reasonable person, let alone a reasonable investor, would have understood that Gill would be selling such a large position or exercising the options.”
@TheRoaringKitty was sued Friday night for securities fraud based on (ridiculous) allegations that he failed to disclose his intent to sell his call options to his Twitter and Reddit followers. Read our analysis below - we think the complaint is unlikely to succeed.…
— Eric Rosen (@ericrosenMAlaw) June 30, 2024
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.