As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself both intrigued and dismayed by the meteoric rise of Luigi Inu (LUIGI). The connection between a memecoin and a murder case is an unusual one, to say the least. It’s a stark reminder that the crypto market can be influenced by the most unconventional factors.
Luigi Inu, a memecoin inspired by Luigi Mangione, has hit a new all-time high by market capitalization, reaching $45 million. This market movement is in conjunction with the Pennsylvania police taking Mangione in custody for the murder.
As a researcher studying cryptocurrencies, I observed an interesting trajectory in the case of Luigi Inu (LUIGI) token. The momentum for this token picked up significantly following the arrest of Mangione in Altoona, Pennsylvania on December 9th. Prior to the confirmation of his arrest, the market capitalization of LUIGI stood at approximately $29 million. However, it skyrocketed to an impressive $45 million post-confirmation.
There’s a link between Mangione and the memecoin, as his arrest and the resulting media buzz noticeably increased the coin’s appeal and worth.
Who is Luigi Mangione?
Based on reports from the police, it’s stated that Luigi Mangione is suspected to be involved in the premeditated murder of Brian Thompson, the CEO of UnitedHealthcare, in Manhattan. Video surveillance also shows Mangione leaving the area soon after gunshots were heard. Additionally, Mangione had previously written a manifesto criticizing corporate America, which may have contributed to the spread of the memecoin online.
The problem with hype-based memecoins
I am not against memes, but meme coins are getting “a little” weird now.
Let’s build real applications using blockchain.
Following the latest market trends, many newly emerging meme coins have fallen short of reaching their all-time highs, leading some to doubt the concept of the “meme coin supercycle,” a term popularized by Murad Mahmudov at the Token2049 conference in September. As these meme tokens may be influenced more by hype than substance, financial analysts warn that investing in such seemingly miraculous assets could involve significant risks.
In simpler terms, Alex Beene thinks that certain entities, such as LUIGI, capitalize on people’s fear of missing out (FOMO) by promoting stories about wealth that spread rapidly, similar to sports betting excitement. However, these investments lack the inherent worth and stability found in conventional assets, which makes them extremely volatile and risky ventures.
It seems to me that this story could benefit from a more compelling account. Perhaps over time, people might shift their allegiance towards Brian instead of continuing to back a suspected murderer. However, I may be overly optimistic about the power of narrative in this context, given the complexities of human nature and trust in CT.
— BaketheSnake 🪖 (@BaketheS77946) December 10, 2024
Many online users are swapping the LUIGI coin, some of whom appear to promote a perceived anti-establishment ideology that Mangione supposedly envisions. Yet, within the cryptocurrency community, there are those who denounce this event and demand justice for the victim. A fresh token called $BRIAN has emerged, with the goal of pursuing justice for Brian Thompson.
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2024-12-10 07:41