Another major world event, anothercryptocurrencies scam preying on the uninitiated and financially vulnerable, while others, who are in on the joke, attempt to reap a big profit by hyping it up and then pulling out the rug
The Washington Post reports that a token that was supposed to honor the recent death of Queen Elizabeth II collapsed in on itself.
It won't be the last meme token to rise to fame as quickly as it falls. A flash-in-the-pan coin is not likely to be a good investment, even though you can argue for the value.
Remember the token cashing in on the show? In just 72 hours last November, that project rose more than 44,000 percent in value. At the time, it was thought to have taken off with an estimated $2 million.
Buckingham Palace announced the Queen was ill earlier this month and the Queen Elizabeth Inu coin went up in value.
Its value plummeted last week. At the time of WaPo's reporting, it was trading at $0.0003.
The monarch's death generated a lot of NFTs, which quickly turned into useless trinkets.
David Hsiao, the chief executive of Block Journal, told the WaPo that it's similar to selling T-shirts outside of Buckingham Palace. The web3 version is what this is.
The token attracted people to the idea of easy money. Doge coin is a meme coin with a value that has risen over the years.
Most novelty token fail dismally because they don't have Musk's backing.
The crash of Queen Elizabeth Inu shouldn't shock anyone.
One user wrote that the queen and the token were dead. Allow them to rest in peace.
Queen Elizabeth II will live on as a virtual currency.
There is a lawsuit accusing Musk of pumping up the value of doge coin.
All Rights Reserved © 2024
