- 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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.