Creators Of Meme Coins Attempt To Capitalize on Queen’s Elizabeth II Death
In the wake of news of the death of Queen Elizabeth II, more than 40 meme coins using the Queen’s name were launched just hours after her passing.
40 Meme Coins, Including “Queen Doge.”
The death of Queen Elizabeth II was announced on the 8th of September, evoking an outpouring of sympathy and condolences from around the world.
Despite the grief, some crypto vultures are looking to take advantage of the opportunity, launching dozens of Queen-themed meme coins on the Ethereum and Binance BNB Chains.
DexScreener data show that at least 40 different meme coins have been created in the span of the last six hours leading up to this writing, with such names as “Queen Elizabeth Inu”, “Queen Doge”, “God Save The Queen”, “London Bridge Is Down”, “Queen Grow”, “Rip Queen Elizabeth”, “Elizabeth II”, and “Queen Inu II.” Also, there were a few coins named after the new monarch, King Charles III.
In the past 24 hours, the price of Queen Elizabeth Inu is up 49,9% on Binance Smart Chain, and 803% on Uniswap. Meanwhile the price of God Save The Queen tokens witnessed growth of 968% over the same period.
Since its launch, God Save The Queen has already processed $382 000 in trading volume, while Queen Elizabeth Inu racked up $233 000.
An NFT collection titled “Queen Elizabeth 69 Years NFT” was also created in the immediate aftermath of the monarch’s death. The collection claims to have one image for each year of the Queen’s reign. The collection’s creators deny that they are “grifters.”
Crypto Community Reacts Negatively
The crypto community has reacted negatively to the projects. ThreadGuy.eth, who has 81.4K followers on Twitter, tweeted: “You’re going to hell”. With 132.6K followers, Byzantine General wrote: “We’ve got to stop this crypto shit”. Crypto investor LilMoonLambo, with 172.6K followers, tweeted: “We deserve another bear market”.
we deserve another bear market pic.twitter.com/KGQnJmzzVh
— LilMoonLambo (@LilMoonLambo) September 8, 2022
Bro let's just pack it up.
— Byzantine General (@ByzGeneral) September 8, 2022
We gotta stop this crypto shit. pic.twitter.com/EQIWuVKkiy
Idk who needs to hear this but if you launched a Queen Elizabeth Nft collection to profit off her death you’re going to hell
— ThreadGuy.eth (@notthreadguy) September 8, 2022
On the Flipside
- Cryptocurrencies inspired by an internet meme or buzzing event typically run on pump-and-dump schemes. The main issue with meme coins is that they usually lack a use case, making them purely speculative assets.
- For example, the $SQUID meme coin, inspired by blockbuster Netflix series Squid Game, underwent a rug pull after recording a 230,000% gain. Reportedly, Squid’s developers fled with an estimated $3.38 million.
Why You Should Care
Queen Elizabeth II was Great Britain’s longest-reigning monarch in history.
Read more about meme coins:
Read more: https://dailycoin.com/creators-of-meme-coins-attempts-to-capitalize-on-queens-elizabeth-ii-death/
Text source: DailyCoin.com
