cryptonews.com
“Born from the moment Will Smith slapped Chris Rock at the Oscars,” the token’s website states, while also calling it “the next hottest crypto meme this bull run!”
At press time on Tuesday (12:55 UTC), the Ethereum-based token was up more than 440% since its launch on Uniswap, and is held by 591 unique addresses, according to the token’s contract address.
Worth keeping in mind, however, is that other tokens created in the past that were also inspired by amusing news events had rarely been good investments.
In December last year, a whole range of tokens had been created inspired by a rant against crypto by US Congressman Brad Sherman.
Speaking during a hearing on digital assets in Congress, Sherman said that “Bitcoin could be displaced by ether, which could be displaced by doge, which could be displaced by hamster coin, and then there is cobra coin,” before adding “now, what could mongoose coin do to crypto coin?”
Soon after, token projects with names like Mongoose Coin (GOOSE) and Hamster (HAM) sprung into existence, with many of them soaring in price shortly after launch.
However, the fun did not last long, with the original Mongoose Coin now being worth zero, and Hamster currently down more than 90% from its all-time high.
A similar situation was also seen a month earlier with the launch of the SQUID token, a project inspired by the hugely popular Netflix series Squid Game.
Despite moving up in price initially, many SQUID investors were caught off guard when they realized that the token could not be sold, and developers said they were “depressed” and did “not want to continue running the project.”
In other words, the lesson to be learned is to tread carefully and not randomly jump on the latest crypto creation unless you are fully prepared to take a loss.
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