Solana’s CHWY skyrockets 300% following Roaring Kitty’s Chewy submission

The Solana-based project Chewy (CHWY) experienced a significant increase of up to 500% on Monday. This surge in value followed the disclosure of a 6.6% ownership stake in the online pet retailer Chewy Inc. by meme stock trader, Keith Gill, also known as ‘Roaring Kitty.’ The disclosure was made through an SEC filing. The Chewy token’s utility on Solana is largely speculative, primarily serving as a punt on the growing memecoin ecosystem. The Chewy meme token was created anonymously between June 27 and June 28, leveraging Gill’s social media post as the central theme.

This activity mirrors similar trends seen with other Roaring Kitty-inspired memecoins such as GME, KITTY, and ROAR. Allegedly, Roaring Kitty bought numerous GME stock options and later took to social media on May 12 to promote his holdings. Although some have claimed that Gill violated federal securities law with his actions, former federal prosecutor Eric Rosen has expressed doubt that the lawsuit holds merit, as reported by on Monday.

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