Chewy (CHWY): The Meme Token That's Shaking Up the Crypto Market

Chewy (CHWY): The Meme Token That's Shaking Up the Crypto Market

Nikolai Volkov
2 min read

Chewy (CHWY) Surges 1,500% Amid Cryptocurrency Drama

In the past 24 hours, Chewy (CHWY), a meme token on the Solana blockchain, saw its value skyrocketed by over 1,500%, pushing its market cap to nearly $10 million.

Chewy's journey has been nothing short of a rollercoaster since its launch on June 27. It initially soared over 13,500%, then nosedived by 96%, and now it has seen this monumental 15-fold surge.

The recent surge appears to be linked to Keith Gill, also known as Roaring Kitty, revealing a 6.6% stake in Chewy Inc. Gill, renowned for his role in the 2021 GameStop short squeeze, holds significant influence, adding a layer of intrigue to this development.

Key Takeaways

  • Solana meme token Chewy (CHWY) surged 1,500% in 24 hours.
  • Chewy's market cap nears $10 million after the spike.
  • Keith Gill, aka Roaring Kitty, disclosed a 6.6% stake in Chewy Inc.
  • Gill's social media activity coincided with CHWY's rise, raising manipulation questions.
  • A class-action lawsuit against Gill complicates the situation.


The sudden surge in Chewy (CHWY) token, attributed to Keith Gill's involvement, underscores the volatile nature of meme cryptocurrencies. Gill's influential presence and legal entanglements could impact investor trust, affecting both CHWY and the broader crypto markets. In the short term, CHWY's gains may endure due to Gill's endorsement, but its long-term stability will hinge on wider market acceptance and regulatory clarity. This occurrence spotlights the potential for financial influencers to sway markets, prompting a critical examination of influencer-driven investments.

Did You Know?

  • Solana Meme Token:
    • A Solana meme token is a type of cryptocurrency built on the Solana blockchain, recognized for its high throughput and low transaction costs. Meme tokens often draw inspiration from internet culture, trends, or humor, and can swiftly gain popularity through social media trends and community involvement.
  • Keith Gill (Roaring Kitty):
    • Keith Gill, also known as Roaring Kitty, is a financial influencer and investor who gained widespread attention for his role in the 2021 GameStop short squeeze. His YouTube videos and Reddit posts advocating for GameStop stock influenced a surge in the company's stock price, sparking significant financial implications for short-sellers.
  • Class-Action Lawsuit:
    • A class-action lawsuit is a legal process enabling a large group of individuals with similar grievances to join forces and litigate against a defendant. In the context of Keith Gill, the lawsuit relates to his activities during the GameStop short squeeze, alleging that his actions misled investors and manipulated the market. Such lawsuits can carry profound implications for both the involved parties and the broader financial landscape.

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