Legendary trader Roaring Kitty posts comeback meme, Solana meme coin $GME soars 500%
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Keith Gill, the enigmatic trader known as Roaring Kitty, has resurfaced after a three-year absence, sending shockwaves through the financial world with a cryptic meme posted on Twitter. The meme, depicting a man leaning forward, has sparked a remarkable 500% surge in the Solana-based meme coin $GME, fueling speculation about Gill’s potential return to the trading scene.
China’s digital yuan, the pioneering e-CNY, a central bank digital currency (CBDC) that has been undergoing trials since 2019, is struggling to gain traction among state employees who receive their salaries in the digital currency.
Franklin Templeton CEO Jenny Johnson, a staunch advocate for blockchain technology, recently shared her insights on the potential of tokenization and generative AI in the financial industry. Johnson, who leads the financial firm with an impressive $1.6 trillion in assets under management, emphasized the efficiency of blockchain tech, predicting that all ETFs and mutual funds will eventually be on blockchain.
Today’s Newsletter
- Legendary trader Roaring Kitty posts comeback meme, Solana meme coin $GME soars 500%
- China’s digital yuan isn’t taking off despite state employee salary trial
- Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain
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MEME COINS
Legendary trader Roaring Kitty posts comeback meme, Solana meme coin $GME soars 500%
Gill’s influence on the GameStop saga, which saw the company’s stock soar to $483 in January 2021, is undeniable. His initial $53,000 investment, coupled with his social media advocacy, inspired a wave of retail traders to follow suit, leading to a collective action.
The resurgence of interest in GameStop and related meme stocks, signals a renewed attention from retail participants in the markets. The original GameStop craze, which eventually died down, had far-reaching implications, including the rise of Dogecoin by 100x in three months. [cryptobriefing]
CBDCs
China’s digital yuan isn’t taking off despite state employee salary trial
Despite the Chinese government’s efforts to promote the use of the digital yuan, many early recipients opt to transfer their e-CNY balances to traditional bank accounts, preferring to spend the money as cash or use popular online payment platforms like Alipay and WeChat Pay.
Privacy concerns surrounding the e-CNY’s blockchain-based technology, which theoretically allows for traceable transactions, may be a significant factor in consumers’ hesitation to embrace the digital currency. The digital yuan’s lackluster adoption highlights the challenges faced by central banks worldwide as they explore the development of CBDCs to complement physical cash. [coindesk]
ADOPTION
Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain
In a side-by-side experiment conducted by Franklin Templeton, processing account records using blockchain proved to be significantly less costly compared to traditional methods. Johnson attributed this to the “huge costs” associated with verifying data between disparate systems, a problem that blockchain inherently solves by providing a single source of truth.
As financial institutions seek to streamline their processes and reduce costs, the adoption of blockchain technology is becoming more prevalent. Johnson’s prediction that all ETFs and mutual funds will eventually be on blockchain highlights the growing recognition of the technology’s potential to revolutionize the financial industry, making it more efficient, transparent, and accessible to a wider range of investors. [cointelegraph]
Other News
China busts $295 million underground bank that used crypto to convert foreign currencies. [theblock]
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