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Cryptocurrency developers are always on the hunt for viral events to make quick money. When Chris Rock was slapped by Oscar Will Smith, the Will Smith Digital Currency was created. Additionally, the Squid Game Coin was created after the Netflix series “Squid Game” gained international popularity.
Queen Elizabeth II is now in the spotlight.
More than 40 different meme coins were minted in the days after the Queen’s death, according to industry statistics and media sources. These digital currencies are frequently established by anonymous individuals with coin-creating websites and fictional name concepts. And it is known that their price fluctuates with violence.
This includes the Queen Elizabeth Inoue Coin, which was created and is accessible on several cryptocurrency platforms and generally pays tribute to her passing. After rising roughly 30,000 percent and falling from its original value, the coin is now worth roughly $0.000003. The Queen Live Forever is another coin that quickly lost popularity once minted.
In the decentralized internet known as Web3, experts say most of these coins are not legitimate means of payment, but pranks or scams. In fact, some of them look like gambling. “It’s no different than people selling T-shirts outside Buckingham Palace,” said David Hsiao, CEO of crypto magazine BlockJournal. Web3 version only please.
Most stories place the creation of meme coins in 2013, when the image of a Shiba Inu puppy speaking in the name of Doge was growing in popularity. To poke fun at the cryptocurrency industry, two software developers created dogecoin, a themed digital currency. But when cryptocurrency became widely accepted in 2021, the industry began to grow. Online, celebrities like Tesla and SpaceX CEO Elon Musk have praised joke currencies like dogecoin.
Dogecoin and Shiba Inu are two currencies that survive and are accepted as payment by Tesla and GameStop. Most are jokes and risky investments with no apparent benefit, such as Space Kim, a brand that mocks North Korean leader Kim Jong Un.
Even Bitcoin, which has been around for more than a decade and is seen as more mainstream, is subject to extreme inflation. In addition, the industry is generally unregulated and prone to fraud.
Mem currencies are sometimes undervalued; Many of them can be purchased for a few pennies at a time. According to Molly White, a cryptocurrency skeptic and Web3 blogger, their prices are typically based on the assumption that “other people will buy you more than you paid them.”
The best case scenario, she says, is that it goes viral because “people realize that it’s going to increase in value dramatically, so they want to buy it.” It seems logical that people would wait for any topic they believe has the potential to go viral primarily to profit from it.
The price fluctuations of coins like the Queen Elizabeth Innu can be sudden and abrupt. A few hours before her death was reported, Buckingham Palace announced that she had fallen ill, and Coin immediately began trading. The value of one coin was approximately $0. 000185 as cryptocurrency statistics provider DexScreener shortly after her passing. By Friday afternoon, the coin’s value had dropped significantly.
However, some investors remain bullish on Telegram, a secure messaging platform used to discuss coin performance. “$50k is easy on this coin! I actually believe this coin will fetch $500k at the funeral,” one person commented. Another was more vague: the funeral date is approaching. “Fill those bags,” they said.
The channel, which has about 900 members, recently changed its tenant. “The queen and this sign are dead,” said one user. “Rest in peace,” some said. Others advise persistence as the coin’s value declines: “Guys! Trust the process! “
Requests for comments went unanswered by Telegram channel moderators.
People who own these signs are trying to get others to have them, thinking that they will add value for whatever reason, according to White. “Good for that. [their] interests.” A number of non-perishable tokens (NFTs) bearing the Queen’s title have also been developed by cryptocurrency entrepreneurs, such as the God Save the Queen commemorative token featuring a bright cartoon image of the monarch holding a staff bearing the bitcoin logo. NFTs, effectively allow owners to claim digital artwork, music and images. Digital tokens, which serve as the land works of the Internet, have gone through an incredible price frenzy.
Ethan McMahon, economist at cryptocurrency research firm Chinalysis, reported that interest in the Queen’s related Web3 products has attracted less interest than he expected. For example, NFT, known as RIP Data from Chainalysis, found that 1,817 people bought Queen on the first day, which was published shortly after it passed. It was a day like Thursday morning. This happens when activity on major NFT exchanges reaches an all-time low.
According to McMahon, Queen-themed coins and NFTs seem to serve only a novelty function. More importantly, compared to a year ago, when coin prices were sky high and people had plenty of disposable cash thanks to the pandemic stimulus fund, there is less confidence in the entire cryptocurrency industry. “People may not have much faith in cryptocurrency right now, and they probably don’t have a lot of money or resources to spend,” he said. So, things like that don’t get the same sustained boost that they might have had a year ago.
Despite this, crypto critics, analysts and specialists agree that government intervention and regulation is necessary, especially in light of recent scams. The designers of the squid game memecoin allowed the value to rise to $2,860 in 11 days in November before abandoning the project, sending the coin’s price down to zero, taking $3.3 million in investor money with them.
Viral cryptocurrencies, according to White of the blog Web3 are just getting started, have consumer protection weaknesses. There is no clarity or transparency as to who is behind these magical symbols or similar objects, what their purpose is, or who they are, the speaker said. There is no way to tell [creators] Or pursue them for legal action if they run away with tokens.
BlockJournal’s Hsiao agreed, but pointed out that often the sums of money unscrupulous people extract from them are not enough to get regulators’ notice. Undoubtedly, it is a prime location for money grabbers.
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