In the days following the Queen’s death, more than 40 types of meme coins were minted, industry data and media reports show. These virtual forms of currency are often created by anonymous people who have access to them Coin Generators – And a clever name idea. They are notorious for wild fluctuations in value.
This includes the Queen Elizabeth Inoue coin, which widely honors her death It is designed and available on many cryptocurrency platforms. The coin is currently priced at around $0.000003, after a rise and fall of nearly 30,000 percent from where it started. There is also the Long Live the Queen, a coin that lost its potency within hours of being minted.
Experts said most of these coins are a joke or scam rather than legitimate forms of payment — or even like gambling in the new decentralized internet world, known as Web 3.
“It’s no different than people selling T-shirts outside Buckingham Palace,” said David Hsiao, CEO of crypto magazine Block Journal. This is web version 3 only.
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By most accounts, the meme appeared around 2013, with a picture of a talking Shiba Inu puppy named Doge going viral. A couple of software engineers have released a cryptocurrency called Dogecoin, aiming to taunt the cryptocurrency market.
But in 2021, with crypto gaining mainstream acceptance, the sector started to boom. Prominent personalities, such as Tesla and SpaceX CEO Elon Musk, have promoted meme currency, such as dogecoin, online.
Some coins, such as dogecoin and Shiba Inu, have held up and are accepted by Tesla and GameStop as payment. Most of them, like Space Kim – a satirical symbol of North Korean leader Kim Jong-un – are jokes and a risky investment with no tangible purpose.
Even bitcoin, a cryptocurrency that has been around for more than a decade and is considered more widespread, is subject to sharp fluctuations in value. And the sector is largely unregulated, which leaves it wide open to scams.
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Meme coins are often of limited value, with many going for less than a fraction of a penny. Cryptocurrency critic and blog 3 Molly White said that its value has limited financial foundations and is often based on the belief that “other people will buy it from you for more than you paid for it.”
“If it goes viral, that’s the best case scenario because … people see the price go up too much and so they want to buy it,” she said. “It makes sense for people to simply wait for any topic they think has any chance of going viral so they can take advantage of it.”
For coins like the Queen Elizabeth Inu, price swings can be sharp and fast. The coin began circulating a few hours before her death was announced, with Buckingham Palace declaring her ill. Soon after her death, the value of one coin was approximately $0. 000185, according to the cipher data site DX Screener. As of Friday afternoon, the coin is down close to zero.
But in the crypto-messaging app Telegram, where investors are talking about the performance of the coin, some are still optimistic. “50 thousand dollars is easy with this coin! I think this coin will get you 500 thousand dollars when the funeral comes.” Another person was more direct: “The day of the funeral is coming. They said, Fill those bags.
In recent days, the tone of the channel, which has nearly 900 members, has changed.
One user wrote: “The Queen and this token are dead.” “May they rest in peace.” Others encourage patience as the coin price drops: “Guys! Trust the process!”
Telegram channel moderators did not respond to a request for comment.
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“People who own these tokens are trying to get others to hold these tokens [and] I think the token is going to go up for some reason,” White said [their] Best attention.”
Crypto entrepreneurs have also created a slew of non-fungible tokens, or NFTs, including God Save the Queen, a memorial token depicting a colorful cartoon of the king holding a staff with the bitcoin logo. NFTs are digital tokens that essentially act as online property businesses that allow owners to claim digital art, music, and photos, and have likewise experienced extreme fluctuations in value.
Ethan McMahon, an economist with crypto research firm Chainalysis, said less interest in Web3 products related to Queen has been received than he had expected. Chainalysis data, for example, showed that an NFT called RIP The Queen, which appeared shortly after her death, was bought by 1,817 people on the first day. As of Thursday morning, it’s down to one. This comes as transactions in leading NFT markets Hitting historic bottoms.
McMahon said that the coins and NFTs related to the Queen did not appear to have a specific purpose to her, other than the novelty. More importantly, confidence in the broader cryptocurrency market is lower than it was a year ago, when coin prices were very high and additional income from pandemic stimulus funds gave people more disposable income to spend on similar investments.
“People may not have the highest level of condemnation in cryptocurrency right now, and they may not have the most expendable dollars or capital,” he said. “So things like this aren’t going to get the same amount of constant hype that it would have for about a year.”
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Despite this, crypto critics, analysts, and experts agree that the government needs to step in and regulate, especially in light of the recent scams. In November, the creators of the Squid Game memecoin let its value rise over an 11-day period to $2,860, and then quit the project, bringing its price down to nearly zero and losing $3.3 million in investor money.
White, who writes the blog Web3 runs greatHe said that viral cryptocurrencies have major flaws in consumer protection.
“With meme icons and things like that, there’s no level of disclosure or transparency about who’s behind them, what their goals are, or who they are,” she said. “if [creators] They were running away with a code, there is no way to find out who they are, or to track them down and follow through with legal action.”
Hsiao, of Block Journal, agreed, but noted that money bad faith often deceives people is not enough to attract the attention of government regulators.
“It’s definitely a nice spot for cash buyers,” he said.
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