The Solana-based meme coin Red Kitten Crew (RKC) experienced a dramatic rise and fall after posts on Keith Gill's verified X account, known as Roaring Kitty, were deleted. On May 11, the posts, which included a Pump.fun contract address and a cartoon clip, led to a rapid surge in RKC's market cap to nearly $12 million. However, the deletion of these posts triggered a swift collapse, wiping out nearly $10 million in market value as panic selling ensued.
Blockchain data revealed that the developer behind RKC may have profited significantly before the crash, spending 20 SOL to acquire a large portion of the token supply and later selling for substantial gains. Allegations of insider dumping have emerged, with the developer reportedly collecting significant creator fees. Concerns over wallet concentration and potential hacking of Roaring Kitty's account have been raised, drawing parallels to previous celebrity-linked meme coin incidents. Analysts caution that RKC may remain a short-term play unless official confirmation of Gill's involvement is provided.
Solana Meme Coin RKC Plummets $10M After Roaring Kitty's Posts Vanish
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