Roaring Kitty-linked RKC memecoin crashes as developer cashes out $729K

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RNC token deployer’s sales. Source: Lookonchain Gill was a retail trader and former financial analyst who was widely credited for sparking the 2021 GameStop short squeeze through viral social posts, encouraging retail traders to buy significant amounts of GameStop (GME) stock, forcing short sellers such as Citron Research to wind down their positions at a loss. Now-deleted X post on RNK token. Source: The Roaring Kitty Underscoring the perils of trading newly-launched memecoins with a highly concentrated supply, a cryptocurrency trader lost nearly $190,000 within an hour on the RKC memecoin. Trader loses nearly $190k on RKC memecoin. Lookonchain The unfortunate trader spent $250,000 to buy 31.15 million RKC tokens, just before Gill’s X post was deleted, leading to the trader taking a $188,600 loss, after selling his coins for just $62,200, according to Lookonchain. Related: Kaiko flags possible front-running before Robinhood token listings Sniping and similar coordinated activity have been a long-standing value-extraction issue for memecoins. On Wednesday, blockchain visualization platform Bubblemaps warned that 90 newly funded wallets bought 90% of Mystery (MYSTERY) memecoin supply at launch, describing the token’s concentration as a “textbook scam.” The Mystery token has since crashed by over 98%, erasing most of its peak $7.5 million market capitalization, Dexscreener data shows. Mystery/USD, all-time chart. Source: Dexscreener In February 2025, a cryptocurrency sniper made nearly $28 million on the Broccoli (BROCCOLI) memecoin, shortly after Binance co-founder and former CEO, Zhangpeng Zhao, revealed that his Belgian Malinois was named “Broccoli,” sparking a wave of community-driven memecoin listings on launchpad Pump.fun. More on the subject

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