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The Chewy token, a {Solana} (SOL) based memecoin, has surged nearly 28% following a cryptic social media post by Keith Gill, known as "Roaring Kitty." Gill, who gained notoriety for his role in the GameStop short squeeze, returned to social media after a two-month hiatus with an enigmatic post featuring the Chewy token logo. This rally in the Chewy token's value reflects the impact of social sentiment on memecoins, which often experience significant price movements based on social media activity rather than fundamental or technical analysis.
Gill's post, however, may indicate more than mere endorsement. The image shared depicts a scene from the movie Toy Story where the character Andy drops his favorite toy, Woody, with the Chewy token logo replacing Woody. This imagery could suggest Gill is distancing himself from his association with the Chewy token or the company itself, rather than endorsing it.
Earlier in July, Gill had disclosed a 6.6% ownership stake in Chewy, the online retailer specializing in pet food and supplies. This disclosure likely contributed to the creation and popularity of various Chewy-related memecoins. Despite the recent rally of the Chewy token, Gill's latest social media post hints at a potential departure from his involvement with Chewy.
Additionally, Gill’s social media activity is being closely watched due to his historical influence on market movements. The initial GameStop short squeeze, which saw the stock surge by over 1,000% in a month, underscores the significant impact of Gill's social media presence on trading behavior.
In another related development, following Gill's post, an unidentified entity acquired a substantial quantity of GameStop shares, indicating continued interest in the stock. This transaction was noted by market tracker Unusual Whales. Furthermore, a recent legal issue involving Gill—where he faced a lawsuit for alleged securities fraud related to his GameStop options—was resolved swiftly with the lawsuit being dropped after three days.
Overall, the recent fluctuations in the Chewy token and GameStop shares highlight the ongoing volatility and influence of social media figures in the cryptocurrency and stock markets.
