According to CoinMarketCap data, as of the time of writing this article, the meme cryptocurrency Chewy (CHWY) has surged by over 24% in the past 400 hours.
The recent spike may be attributed to a clear catalyst: Keith Gill, also known as “Roaring Kitty,” revealed that he owns a 6.6% stake in the company Chewy.
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A billionaire has stated that the price of Bitcoin will not experience a significant increase. He is well-known for his significant role in the GameStop short squeeze in 2021.
For context, Chewy Inc. is an online retailer specializing in pet food and products.
Furthermore, Gill posted an image of a dog on a blue background on the X platform (Twitter) three days before the surge in the price of the CHWY token. Coincidentally, the cryptocurrency also emerged around the same time.
pic.twitter.com/jQBMX4jwjR
– TheRoaringKitty (@TheRoaringKitty)
June 27, 2024
Although Gill did not mention the pet food company in his post, this led to speculation about potential market manipulation or simply a coincidence behind the token’s value surge.
