Prior to his passing Tuesday at age 99, former Berkshire Hathaway Vice Chairman Charlie Munger dismissed crypto as “worthless,” “no good,” “disgusting,” “evil,” and “massively stupid.”
When it comes to the meme coins his death inspired this week, Munger may have been on to something.
The Ethereum-based MUNGER token, which launched within 15 minutes of the finance mogul’s death and quickly pumped some 31,000%, has since crashed 97.6% in value to a current valuation of $0.00000002856, according to data from GeckoTerminal.
The coin’s market capitalization has comparably plummeted to just over $18,000 at writing. Its liquidity, meanwhile, has evaporated to around $13,000.
Update: I was rugged by Munger coin. I consider this a pro rata distribution to the virtuous (RIP Charlie) https://t.co/jBFW16WFHj
— HDIZZY ~ 197 IQ (Gobby Grinch Arc) (@CyberRevolt12) November 29, 2023
Market activity for the coin, which saw a whopping $3.57 million in trading volume in its first 24 hours, has also collapsed. Just one day later, only $23,000 worth of MUNGER has traded hands in the last 24-hour period. In the last six hours, the coin has only seen 12 transactions.
Such volatile pump-and-dump action is all too common for memecoins like MUNGER, which often inflate wildly on a piece of news or pop culture, only to completely collapse within a matter of days. Here, it took less than 48 hours for the Munger-inspired token to shed the overwhelming majority of its value.
Last week, a freshly-minted CZ token created in the immediate aftermath of Changpeng Zhao’s shocking resignation as Binance’s CEO, pumped 400,000%. It has since collapsed in value by 93%.
Now we’ll just have to see if the fresh crop of meme coins inspired by the death of 100-year-old diplomat Henry Kissinger will beat the trend. Don’t hold your breath—else you might become fodder for a funerary meme coin yourself.
Edited by Andrew Hayward
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Source: https://decrypt.co/208184/munger-right-meme-coin-generated-millions-off-bitcoin-haters-death-implodes
