A Solana-based memecoin linked to the X account of Roaring Kitty — the figure behind the 2021 GameStop rally — collapsed in value after its developer cashed out $729,000 in tokens. The event has triggered allegations that the account may have been hacked and that trading bots sniped the sale.
The developer’s move
The token, launched on the Solana blockchain, saw its price spike after Roaring Kitty’s account posted about it. The developer then liquidated a significant chunk of the supply, netting nearly three-quarters of a million dollars. Shortly after, the memecoin’s price cratered, wiping out most of the gains for latecomers.
Blockchain data shows the developer’s wallet transferred the tokens to a decentralized exchange and sold them in a series of transactions. The sale took just minutes, leaving other holders with near-worthless coins.
Hack and sniping fears
The rapid sell-off has led to two main theories. One: someone gained unauthorized access to Roaring Kitty’s X account and posted the memecoin link. Two: the developer used automated sniper bots to front-run their own launch, a common tactic in the memecoin world where insiders get in before the public.
No evidence of a hack has been publicly confirmed, and the developer’s identity remains unknown. But the pattern — a sudden post from a high-profile account, a quick price spike, then a developer cash-out — matches previous incidents tied to compromised social media accounts.
What’s next
Roaring Kitty’s account has not addressed the memecoin since the crash. The developer’s wallet still holds a small amount of the token, but the project is effectively dead. The incident highlights how easily hype can be manufactured — and dumped — in the meme-coin market, especially when tied to a name with proven ability to move retail traders.
Whether the account was actually hacked, or whether the developer simply exploited the attention Roaring Kitty attracts, remains an open question. No regulator or platform has announced an investigation into the event.
