Charlie Munger, the legendary investor known as “Warren Buffett’s right-hand man,” died this week at the age of 99. Despite being a strong critic of cryptocurrencies, developers created a currency with his name after his death.
While it is not clear whether the cryptocurrency in question is a tribute or just a tasteless scam, the asset appreciated by around 2,500% within a few hours, only to lose all its value the next day.
Cryptocurrencies named after celebrities are common in the market. For example, developers have even created a currency inspired by the bald head of Coinbase CEO Brian Armstrong. The asset appreciated 4,000,000% in one day, but plummeted shortly afterwards.
Memecoin inspired by Warren Buffett rises, then falls
Inspired by Charlie Munger, the MUNGER cryptocurrency looks like a pump and dump scheme. Shortly after launch, MUNGER increased in value by approximately 2,500% in less than 4 hours.
However, the next day the cryptocurrency lost 98.25%, leaving investors bankrupt. MUNGER was traded exclusively through decentralized brokers and had a trading volume of US$2.7 million (R$13 million).
Apparently Munger would not have liked receiving a cryptocurrency with his name on it. In recent years, the legendary investor has made several criticisms of the sector, calling cryptocurrencies a “venereal disease” and stating that Bitcoin was only used to commit extortion and kidnapping crimes.
While Warren Buffett will always be the most remembered name of the duo, especially since he is the 5th richest man in the world with a fortune of $119 billion, Charlie Munger was also a billionaire. Munger is estimated to have collected $2.6 billion during his lifetime.
The Memecoins sector continues to surprise the market
Although the Dogecoin (DOGE) wave is over, other projects like Pepe (PEPE) surprised the market last year, turning small investors into millionaires. That’s why some still believe that a new memecoin can appear out of nowhere and increase in value indefinitely.
A quick look at the biggest gains in the market shows several memecoins. At the top appear projects such as God Coin (GOD), Gorilla (GORILLA) and Satellite Doge-1 Mission (DOGE-1), with gains of up to 2,200% on the week.
However, it is worth noting that many of these projects are very small in volume. Going forward, the vast majority of these should soon drop to zero, as has happened to so many other projects. In other words, these valuations are just a bait to deceive investors.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
