The world experienced a significant shock as one of its most reputable and well-known leaders passed away. On the 8th of September, the death of the UK's chief monarch, Queen Elizabeth II, was announced, and this reality shocked several people globally. Not only did this announcement send ripples of sympathy and condolences, but it also set the world in a state of mourning.
In spite of this sorrow that has plagued the world, a couple of cryptocurrency speculators are seeking to seize the moment by establishing several meme currencies with Queen themes on the Ethereum and Binance BNB Chains.
According to recently released data by Dexscreener, a minimum of 40 distinct meme coins, ranging from "Queen Elizabeth Inu," "Queen Doge," to "God Save the Queen," "London Bridge Is Down," "Queen Grow," "Rip Queen Elizabeth," "Elizabeth II," and "Queen Inu II," have come to life within the last six hours. The incoming monarch, King Charles III, wasn't left out, as some coins had his name on them.
The value of Queen Elizabeth Inu has increased by 49.9% on Binance Smart Chain and by 803% on Uniswap over the last 24 hours. During the same period, the cost of God Save The Queen tokens increased by 968%.
In light of this development, too, compared to Queen Elizabeth Inu's $233 000, Save the Queen has generated $382 000 in trade volume after its debut.
A group of NFTs joined this train immediately after the ruler's passing; a collection named "Queen Elizabeth 69 Years NFT" sprung to life. According to the collection, there is a picture for every year of the Monarch's rule. Grifting accusations were made against the collection's founders, which they strongly refuted.
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The Crypto Community Responds Unfavorably
While these projects have been springing up in sporadic and exciting ways, they haven't been receiving positive feedback from the crypto community. The community on Twitter reflects a lot of these opinions. ThreadGuy.eth, who has 81.4K followers, tweeted that people are going to hell.
Another user, The Byzantine general, who has 132.6K followers, said that people have to deaden this crypto nonsense. With 172.6K followers, LilMoonLambo posted that they deserve a new bear market.
People should also consider these:
- Pump-and-dump techniques are frequently used by cryptocurrencies, influenced by popular online memes or current events. That's why meme coins typically have no practical application, and this reality turns them into simple assets that thrive on speculation.
- A good instance of this concept is the $SQUID meme coin, which came to life from the popular Netflix series Squid Game. After posting a 230,000% increase, the meme token had a rug pull. The developers of Squid allegedly carted away a calculated $3.38 million.
It's safe to say that many expected the emergence of meme coins at this auspicious period. How long do you think this particular one will last? Please share your thoughts with us in the comment section.
