Roaring Kitty’s Deleted X Post Triggers 90% Crash in RKC Meme Coin

Roaring Kitty’s deleted submit on X triggered a crash in the meme coin RKC, wiping out 90% of its worth inside hours.

Traders who purchased into the hype misplaced a whole bunch of hundreds of {dollars}, whereas the coin’s developer reportedly cashed out over $600,000 earlier than it collapsed.

RKC Dev Profited Over $600K from Token

Keith Gill’s verified X account, popularly recognized by his 1.6 million followers as Roaring Kitty, ended a 16-month silence on May 11 with a submit that despatched merchants right into a frenzy. At round 21:13 GMT, the account shared a Solana Pump.enjoyable contract handle for a newly launched meme coin referred to as Red Kitten Crew (RKC), alongside a brief cartoon clip.

Minutes later, the account shared a second submit that includes a picture captioned “pink bandit crew 4 life,” which was later deleted. The sudden exercise began a rush of speculative buying and selling that briefly despatched RKC hovering earlier than the deletions triggered panic promoting, inflicting the token to crash 90% and wiping thousands and thousands from its market cap.

Blockchain analytics agency Lookonchain later reported that the meme coin’s developer had already cashed out 6,260 SOL, price round $611,000, earlier than the posts had been eliminated. According to them, the person used 20 SOL price roughly $1,950 throughout 10 wallets to accumulate 395.18 million RKC tokens, representing 39.52% of the overall provide, earlier than promoting your entire stash for $495,000.

Lookonchain additionally revealed that the developer earned a further 1,209 SOL, price roughly $118,000, by creator charges.

Roaring Kitty Meme Coin Posts Cause Hack Speculation

On-chain analysts are saying that the incident adopted a sample they’ve seen many instances in crypto, the place influencers create hype, builders money out, and retail merchants are left with losses. Others additionally questioned the authenticity of the posts, noting Keith Gill has constructed his on-line presence round GameStop commentary and has by no means publicly promoted meme cash earlier than, resulting in hypothesis that the account could have been hacked.

There’s been a pattern of high-profile X accounts being compromised to advertise meme cash, with comparable breaches in the previous focusing on main public figures and firms similar to Michael Saylor and Kylian Mbappé. The former’s account was used to push a pretend Bitcoin giveaway, whereas the latter’s promoted a Solana meme coin rip-off, with each incidents ensuing in a spike in buying and selling volumes earlier than a collapse.

At the identical time, Pump.enjoyable has additionally been concerned in controversy, with researchers claiming that a big share of tokens launched on the platform show traits generally related to scams or wash buying and selling. The Solana-based meme coin maker has additionally been focused by two class-action lawsuits in the previous, with each accusing it of violating U.S. securities legal guidelines by facilitating the launch of unregistered tokens and allegedly amassing as much as $500 million in associated charges.

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