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GME and KITTY tokens form God candles but gains could be brief

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The GME crypto token formed a God candle on Sep. 6 after Roaring Kitty made a surprise return to X ahead of GameStop’s earnings.

GME (GME) surged to a high of $0.0052, its highest swing since June 24, and 93% above its intraday low. It has risen by 168% from its lowest level in August, making it one of the best-performing cryptocurrencies in the market. Its market cap jumped to over $32 million.

GameStop’s stock also rose by over 3.7%, even as a sea of red spread in the market, with the Dow Jones and Nasdaq 100 indices falling by 0.90% and 2.43%, respectively. Bitcoin (BTC) dropped to $53,000 while the market cap of all coins fell below $2 trillion.

This performance happened after Keith Gill, popularly known as Roaring Kitty, returning to X, sending the post below. The thinly traded Roaring Kitty (KITTY) token also formed a God candle, rising by over 65%. A God candle is a sudden bullish candlestick that catches traders off guard.

Gill is one of the more popularized traders due to his role in the meme stock frenzy in 2021. Most recently, in May, he returned to the market, pushing meme companies like GameStop, AMC, and Faraday Future sharply higher.

Gill’s return is notable because it happened as GameStop prepares to publish its financial results on Sept. 10. Analysts have low expectations for the company as its business continues slowing down. The average estimate among analysts is that its revenue dropped from over $1.1 billion in Q2’23 to $895 million this year.

The company is facing major headwinds as more gamers opt to buy games and consoles online and as operations costs rise. 

It remains unclear whether the GME and KITTY tokens will sustain the ongoing rally. Historically, such gains have been short-lived. In May, the GME token rose from $0.0035 to $0.029 after Roaring Kitty’s return, only to erase all those gains within a few days. It dropped to a record low of $0.0017 in August.

Similarly, KITTY surged to $0.093 amid the hype and then fell by almost 100% to a low of $0.0013 in August. 



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Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline

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A cryptocurrency analyst and trader is saying Bitcoin (BTC) is on the verge of entering a bullish phase over the coming weeks and months.

The analyst pseudonymously known as Rekt Capital tells his 88,100 YouTube subscribers that Bitcoin is “on the cusp of a breakout into the parabolic phase” after spending the past few months in a re-accumulation phase.

According to Rekt Capital, Bitcoin’s parabolic phase lasts a predictable amount of time in every cycle.

“So if we just see that 160 days after the halving is how long this re-accumulation phase lasts and we tend to see a bull market peak 550 days after the halving, then this parabolic phase should last 390 days or so, 400 days or so.

So it is roughly a year of parabolic upside that we see going into the bull market peak. And if that continues, indeed mid-September 2025, mid-October 2025 is when we would see a bull market peak occur for Bitcoin.”

Source: Rekt Capital/X

Bitcoin is trading at $59,958 at time of writing, about 19% below the all-time high of approximately $73,800.

The pseudonymous analyst says that based on historical precedent, Bitcoin could hit a new all-time high over the coming days.

“…but we will reverse towards the upside at some point. And that point is coming quite soon because 160 days after halving is when we see a breakout to new highs.”

The Bitcoin halving occurred around 151 days ago on April 20th.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025

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Bitcoin miner Hut 8 is expanding its partnership with Bitmain to introduce a new ASIC miner with direct liquid-to-chip cooling, set to deploy in Q2 2025.

Miami-headquartered crypto mining firm Hut 8 has expanded its partnership with Bitmain, announcing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s.

In a Sept. 19 press release, the company the miner, which is scheduled for deployment in Q2 2025, is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.

“We believe this model represents a more thoughtful approach to capturing the lucrative economics offered by next-generation machines, reducing upfront capital requirements while we continue to pursue growth initiatives in AI infrastructure.”

Asher Genoot, Hut8 chief executive officer

Under the hosting agreement, Hut 8 has the option to purchase all or a portion of the hosted miners in up to three tranches at a fixed price within six months of deployment. If Hut 8 exercises the option in full, the company’s self-mining hashrate is expected to increase from 5.6 EH/s to 20.6 EH/s, the press release reads.

The agreement is designed to minimize upfront capital expenditures and provide flexibility for future purchases, allowing Hut 8 to assess market conditions “before committing additional capital,” per the document.

The news comes after Hut 8 secured a $150 million investment in June from Coatue Management to accelerate its artificial intelligence infrastructure development. At the time, Hut 8 said the investment was made as “many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages.”



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Louisiana State Government Now Accepts Bitcoin Lightning As Payment

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Louisiana State Treasurer, John Fleming, M.D. has announced that the state government will now accept Bitcoin, Bitcoin Lightning Network, and USD Coin, as a valid form of payment for state services. The first cryptocurrency payment was made to the Louisiana Department of Wildlife and Fisheries today.

Dr. Fleming, described this initiative as a crucial step in modernizing government operations, stating, “In today’s digital age, government systems must evolve and embrace new technologies. By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services.”

The Bitcoin payments will be converted into U.S. dollars by Bead Pay, a provider specializing in cryptocurrency conversion for government transactions. “The State of Louisiana will not handle cryptocurrency,” clarified the announcement. This system aims to ensure that the state is protected from the volatility commonly associated with digital currencies. The conversion process mirrors that of credit or debit card payments, minimizing risks while offering secure, efficient transactions.

Louisiana’s shift to accepting Bitcoin is a part of a broader effort to integrate new technologies into public services. “I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022,” said Louisiana State Representative Mark Wright. “I’m excited to see Louisiana further expanding its payment options under Treasurer Fleming. I look forward to working with him and others so that Louisiana will continue to be a leader in accepting digital payments.”

Louisiana expects the new payment options to reduce fraud and enhance overall transaction security. Residents can now use their private Bitcoin wallets to pay for services, while the state continues to receive payments in U.S. dollars.

The Louisiana Department of Wildlife and Fisheries was the first state agency to adopt the new payment system, with more departments expected to follow. “Offering our sportsmen more ways to interact with our department allows for us to enhance our customer service,” stated Secretary Madison Sheahan of the Louisiana Department of Wildlife and Fisheries. “This is another step towards our goal of creating a modern and professional organization that better serves the sportsmen of the state.”





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