Developers of a new Solana-based meme coin cashed out approximately $729,000 after Keith Gill’s Roaring Kitty X account posted the token’s ticker and contract address, sparking a brief trading frenzy until the post was removed.
According to Dexcreaner, following the now-deleted X post from Gill’s account, Red Kitten Crew’s (RKC) market capitalization soared to $11 million at one point, but as of press time, it had fallen about 67% to $3.6 million.
According to blockchain analytics firm Lookonchain, the token developer sold about $611,000 worth of RKC and collected an additional $118,000 in creator fees through Pump.fun, for a total exit of about $729,000. According to Lookonchain, the developer initially used 10 wallets to purchase 395.18 million RKC, representing 39.52% of the token supply, raising concerns that the launch was dominated by creator-linked wallets before retail traders entered the picture.
X’s post marked Gill’s first activity in more than 15 months and sparked community concerns about a compromised account. The distribution of tokens at the time of their creation suggests a coordinated sniping operation, with wallets linked to their creators spearheading the community to extract value.
This episode highlights the risks involved in launching celebrity meme coins. That means a single social media post or suspected account compromise could cause a thinly traded token to skyrocket before concentrated early holders sell it off to later buyers.
Cointelegraph reached out to Gill to find out if he still controls the X account.
RNC token deployer sales. sauce: look on chain
Gill, a retail trader and former financial analyst, was widely known for sparking GameStop’s short squeeze in 2021 through viral social posts, encouraging retail traders to buy large amounts of GameStop (GME) stock and forcing short sellers like Citron Research to reduce their loss-making positions.
X’s post regarding RNK tokens has now been deleted. Source: The Roaring kitty
Memecoin trader loses nearly $190,000 in one hour
Underscoring the dangers of trading newly launched meme coins with highly concentrated supply, one crypto trader lost nearly $190,000 in RKC meme coins in less than an hour.
Trader loses nearly $190,000 on RKC meme coins. look on chain
According to Lookonchain, the unlucky trader spent $250,000 to buy 31.15 million RKC tokens just before Gill’s
Related: Kaiko suggests possibility of front running before Robinhood token listing
Sniping and similar organized activities have long been a value extraction challenge for memecoins.
On Wednesday, blockchain visualization platform Bubble Maps warned that 90 newly funded wallets purchased 90% of the MYSTERY meme coin supply at launch, describing the concentration of tokens as a “textbook scam.”
The mystery token has since crashed more than 98%, wiping out most of its peak market cap of $7.5 million, according to data from Dexscreener.
Mystery/USD, all-time chart. Source: DekuScreen
In February 2025, a crypto sniper made approximately $28 million with the BROCCOLI meme coin. It comes shortly after Binance co-founder and former CEO Zhangpeng Zhao revealed that his Belgian Malinois’ name is “Broccoli,” sparking a wave of community-driven meme coin listings on launchpad Pump.fun.
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