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- Keith Gill’s verified X account posted a Pump.fun meme coin after 16 months of silence
- The Solana token briefly hit a $12 million market cap before crashing nearly 90%
- On-chain data showed insiders controlled almost 40% of the supply before dumping
After more than a year of silence, Roaring Kitty’s verified X account suddenly posted a Solana meme coin contract address on May 11 — and the crypto market immediately descended into chaos.
The post promoted a Pump.fun token called Red Kitten Crew ($RKC), using only a short cartoon clip and the token address itself. For longtime followers of Keith Gill, the format looked completely out of character almost instantly.
Gill built his reputation through detailed GameStop analysis, livestreams, and long-form commentary. Posting a random Solana meme coin with zero explanation felt so unusual that many traders immediately suspected the account had been compromised.
The Token Exploded — Then Crashed
The market reaction was immediate. Within roughly 20 minutes, $RKC surged to a market capitalization near $12 million as traders rushed into the token following the apparent endorsement.
Then the collapse started.
After the posts were deleted, panic selling accelerated and the token crashed to roughly $1.8 million, wiping out most late buyers almost instantly. According to blockchain data, insiders had already positioned themselves heavily before the public posts even appeared.
On-Chain Data Looked Extremely Suspicious
Blockchain analysis showed the token creator reportedly used around 20 SOL spread across multiple wallets to quietly accumulate nearly 40% of the total supply before the X posts went live.
Those positions were later dumped into the surge for an estimated profit approaching $495,000, alongside roughly $118,000 earned through Pump.fun creator fees. Overall, analysts estimate more than 80 wallets collectively extracted close to $2.9 million from traders during the brief frenzy.
That pattern closely resembles several recent social media account compromises involving celebrity or high-profile finance accounts used to promote meme coins before rapid rug pulls.
The Crypto Community Isn’t Buying It
So far, Gill himself has not publicly commented on the incident, which only added to speculation that the account was hacked. Both the GameStop community and much of crypto Twitter quickly dismissed the posts as highly suspicious due to how dramatically they differed from Gill’s normal behavior online.
The situation also mirrors recent incidents involving hacked accounts tied to Michael Saylor and even football star Kylian Mbappe, where attackers used verified profiles to rapidly promote meme tokens before liquidity vanished.
Another Reminder About Meme Coin Risks
The entire situation became another brutal reminder of how quickly meme coin speculation can spiral when social media influence mixes with low-liquidity token launches.
Within less than an hour, millions of dollars moved through a token that likely never had any legitimate long-term foundation to begin with. And honestly, the speed of the collapse probably tells the story better than any warning label ever could.
Until Gill personally addresses the incident, most traders appear to be treating $RKC as less of an investment opportunity and more as a textbook example of how fast hype-driven meme coin markets can turn dangerous.
Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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