Two posts appeared on the verified X account of Keith Gill, known online as Roaring Kitty, on Monday, May 11, before being deleted within an hour. The posts included a Pump.fun contract address linked to a Solana-based meme coin called Red Kitten Crew, ticker RKC, and a short cartoon clip with the text “red bandit crew 4 life.”
The token surged to nearly a $12 million market cap within minutes of the posts going live. When the posts were deleted, the price collapsed just as fast. No statement has been issued from Gill or anyone representing him confirming or denying the posts at the time of writing.
According to Lookonchain, a now-deleted post from Roaring Kitty’s X account shared the Pump.fun address for RKC, triggering a rapid buying frenzy across Solana meme coins.
Within just 20 minutes, the token surged to an $11–12 million market cap before crashing sharply after the post disappeared. Nearly $10 million in market value vanished during the collapse as panic selling accelerated.
Blockchain data showed more than $10.5 million in sell volume hit the token during the meltdown.
Insider Dumping Allegations Emerge
Investigators claim the developer behind the token may have heavily profited from the hype before the crash.
Lookonchain reported that the developer spent only 20 SOL, worth roughly $1,950, across 10 wallets to buy 395.18 million $RKC tokens, equal to 39.52% of the total supply.
The wallets later dumped the entire position for 5,071 SOL, worth nearly $495,000. The creator also reportedly collected another 1,209 SOL, or around $118,000, in Pump.fun creator fees.
Wallet concentration also raised concerns, with several wallets controlling large portions of the supply during the rally.
Similar Meme Coin Rug Pulls Have Happened Before
Crypto user StarPlatinum suggested Roaring Kitty’s account may have been hacked, comparing the situation to previous celebrity meme coin incidents.
One of the closest examples was the hack involving Matt Furie, creator of PEPE, whose social media account was previously used to promote fake meme tokens before prices collapsed.
Other celebrity-linked meme coin controversies tied to hacked or fake endorsements have also caused millions in trader losses across Solana and Ethereum meme coin markets.
Traders Warn About Extreme Risk
The $RKC drama generated more than 600 mentions on X within hours as large crypto influencers discussed the situation.
Still, analysts warned that bundle concentration appeared extremely high, possibly above 70%, meaning insiders may have controlled most of the token supply.
Many traders now believe $RKC may remain only a short-term momentum play unless Roaring Kitty officially confirms involvement with the project.