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- RKC surged to nearly $12 million market cap before collapsing within minutes.
- Deleted posts from Roaring Kitty’s X account triggered hack and manipulation speculation.
- Analysts warned of heavy insider wallet concentration and extreme meme coin risk.
A brief burst of activity on the verified X account of Keith Gill, better known online as Roaring Kitty, triggered chaos across the Solana meme coin market on May 11 after posts promoting a token called Red Kitten Crew (RKC) suddenly disappeared.
The now-deleted posts included a Pump.fun contract address connected to the Solana-based meme coin and a short animated clip referencing “red bandit crew 4 life.” Within minutes, traders flooded into the token, pushing its market capitalization close to $12 million before the rally collapsed just as quickly.
RKC Price Explodes Before Sudden Crash
Blockchain trackers and crypto analysts reported that the token surged rapidly after the posts appeared on Roaring Kitty’s account. Traders rushed into the project, hoping the GameStop-era retail trading icon was backing the meme coin.
However, the excitement did not last long.
Less than an hour later, the posts vanished from the account, triggering panic selling across the market. Estimates suggest nearly $10 million in market value disappeared during the sell-off as holders rushed to exit positions.
On-chain data showed more than $10.5 million in sell volume during the collapse, highlighting how quickly speculative meme coin momentum can reverse.
At the time of writing, neither Gill nor anyone representing him has confirmed whether the posts were authentic or whether the account may have been compromised.
Insider Wallet Activity Raises Red Flags
The controversy intensified after blockchain investigators pointed to suspicious wallet activity tied to the token’s launch.
According to reports shared by on-chain analysts, the developer allegedly used 10 wallets funded with just 20 SOL to accumulate nearly 40% of the total RKC supply before the rally accelerated.
Those holdings were later sold for an estimated 5,071 SOL, generating roughly $495,000 in profits. The creator also reportedly earned additional revenue through Pump.fun creator fees.
Analysts further warned that wallet concentration may have exceeded 70% during the rally, raising concerns that insiders controlled a significant portion of the circulating supply.
Traders Compare Incident to Past Meme Coin Hacks
Some crypto community members believe the situation resembles earlier social media hacks involving celebrity-linked meme coins.
Several traders referenced the past compromise of Matt Furie’s account, where fake meme coin promotions briefly sent token prices soaring before crashing.
The RKC episode quickly became one of the most discussed topics on crypto X, generating hundreds of mentions within hours as traders debated whether the posts were genuine, manipulated, or part of a coordinated scheme.
The Red Kitten Crew collapse is another reminder of the extreme volatility surrounding meme coins, especially those tied to viral personalities or unverified endorsements.
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While some traders continue to speculate on short-term momentum plays in Solana’s meme coin ecosystem, analysts warn that projects with concentrated ownership and unclear leadership carry elevated risks.
Unless Roaring Kitty publicly addresses the situation, many traders expect uncertainty around RKC to continue dominating discussion in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
