DISCLAIMER: The #MoonshotMonday series is for entertainment purposes only and IS NOT investment advice. #DYOR Happy reading!
Love it or hate it – crypto investing is a communal experience.
Often known as Meme Coins, community-driven tokens such as DOGE and SHIB manifest the power of the people, and can quickly gain popularity overnight due to online endorsements and FOMO.
While cryptocurrencies like the hi Dollar are created as a means of solving real-world problems, Meme coins on the other hand are often created with no real utility whatsoever. They simply exist as a cryptocurrency that’s attached to a meme.
There are usually 3 reasons people choose to put their hard-earned money in a Meme coin:
1. To be part of an inside joke, movement or underground community.
2. The potential massive gains if the coin takes off. (Beware, investing in Meme Coins comes with high risk).
#MoonShotMondays is a new weekly series where we take a look behind the scenes at the meteoric rise of some of the most popular tokens in the cryptoverse.
This is a new initiative from the hi team – and it’s just for fun. We all know the first golden rule of Crypto investing – DYOR.
So without further ado, let’s get started and take a look at a token that’s making headlines this week…
On Wednesday, during the hearing in the United States where crypto CEOs and leaders testified before Congress, Democratic representative for California Brad Sherman joked about how ridiculous a “Mongoose Coin” would be — and by Friday it had become a reality.
Rep. @BradSherman: "The number one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be displaced by Doge which could be displaced by HamsterCoin and then there's CobraCoin what could MongooseCoin do to CryptoCoin?" pic.twitter.com/iHbHaikpx0— CSPAN (@cspan) December 8, 2021
Mongress > Congress https://t.co/Wf31q0tsrN— Mongoose $mong $mongfi (@mongoosecoineth) December 9, 2021
What started as a rhetorical joke has spawned the creation of a bunch of Mongoose-related tokens overnight.
“Named by Congress. Made by the Mongress,” states the coin’s Twitter bio.
According to Crypto Potato, the coin has surged 80,000% due to astronomic meme-inspired gains, as meme traders rallied around these tokens hoping for a surge.
Thanks to Brad Sherman’s crypto coin suggestions I aped into mongoose coin early this morning— Crypto ฿itlord (@crypto_bitlord7) December 9, 2021
$MONG keeps going up 😭😭😭@BradSherman @mongoosecoineth 🚀🚀🚀 pic.twitter.com/Vc4nWGdOFP
This makes me want to blindly long MongooseCoin and concurrently short Mr. Sherman.— The Wolf Of All Streets (@scottmelker) December 8, 2021
(This is a joke, don’t take it as financial advice, dummy)pic.twitter.com/TGT76HEAr1
Mongoose coin's market cap has just surpassed $2.4 million after surging over 370,000% today.— CryptoWhale (@CryptoWhale) December 8, 2021
This is all because a congressman jokingly mentioned "Mongoose coin" when mocking cryptocurrencies. pic.twitter.com/CeAvxzbrT2
The strength of crypto communities and its self-mocking nature goes to show
Meme stocks live and die by attention – and the rise of $MONG is a classic example of this phenomenon. The more culturally relevant or attention-grabbing a coin’s name, the more people will want to rally around it.
Like an inside joke, once enough people have bought into the “joke”, the token can go viral, pushing the price rapidly upwards.
And remember, while the rapid gains may seem enticing, projects with little utility or long-term vision represent a high risk investment and are likely to come crashing down before you can pull your investment out. Please tread carefully…
We hope you enjoyed the first edition of this series, and we look forward to bringing you more coverage of trending tokens as part of #MoonShotMonday. Let us know in the comments which token you’re curious about!