- Keith Gill’s verified X account posted a Pump.enjoyable meme coin after 16 months of silence
- The Solana token briefly hit a $12 million market cap earlier than crashing practically 90%
- On-chain information confirmed insiders managed nearly 40% of the provision earlier than dumping
After greater than a yr of silence, Roaring Kitty’s verified X account out of the blue posted a Solana meme coin contract tackle on Might 11 — and the crypto market instantly descended into chaos.
The publish promoted a Pump.enjoyable token referred to as Pink Kitten Crew ($RKC), utilizing solely a brief cartoon clip and the token tackle itself. For longtime followers of Keith Gill, the format regarded fully out of character nearly immediately.
Gill constructed his status by means of detailed GameStop evaluation, livestreams, and long-form commentary. Posting a random Solana meme coin with zero clarification felt so uncommon that many merchants instantly suspected the account had been compromised.
The Token Exploded — Then Crashed
The market response was instant. Inside roughly 20 minutes, $RKC surged to a market capitalization close to $12 million as merchants rushed into the token following the obvious endorsement.
Then the collapse began.
After the posts have been deleted, panic promoting accelerated and the token crashed to roughly $1.8 million, wiping out most late consumers nearly immediately. In accordance with blockchain information, insiders had already positioned themselves closely earlier than the general public posts even appeared.
On-Chain Information Appeared Extraordinarily Suspicious
Blockchain evaluation confirmed the token creator reportedly used round 20 SOL unfold throughout a number of wallets to quietly accumulate practically 40% of the overall provide earlier than the X posts went stay.
These positions have been later dumped into the surge for an estimated revenue approaching $495,000, alongside roughly $118,000 earned by means of Pump.enjoyable creator charges. General, analysts estimate greater than 80 wallets collectively extracted near $2.9 million from merchants through the transient frenzy.
That sample carefully resembles a number of current social media account compromises involving movie star or high-profile finance accounts used to advertise meme cash earlier than fast rug pulls.
The Crypto Neighborhood Isn’t Shopping for It
To this point, Gill himself has not publicly commented on the incident, which solely added to hypothesis that the account was hacked. Each the GameStop group and far of crypto Twitter rapidly dismissed the posts as extremely suspicious attributable to how dramatically they differed from Gill’s regular habits on-line.
The scenario additionally mirrors current incidents involving hacked accounts tied to Michael Saylor and even soccer star Kylian Mbappe, the place attackers used verified profiles to quickly promote meme tokens earlier than liquidity vanished.
One other Reminder About Meme Coin Dangers
The whole scenario grew to become one other brutal reminder of how rapidly meme coin hypothesis can spiral when social media affect mixes with low-liquidity token launches.
Inside lower than an hour, tens of millions of {dollars} moved by means of a token that seemingly by no means had any official long-term basis to start with. And truthfully, the pace of the collapse most likely tells the story higher than any warning label ever might.
Till Gill personally addresses the incident, most merchants seem like treating $RKC as much less of an funding alternative and extra as a textbook instance of how briskly hype-driven meme coin markets can flip harmful.
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