$Luigi, a memecoin inspired by Luigi Mangione, the alleged killer of Brian, an American CEO has hit a market capitalization of $60 million barely two days after its launch.
$Luigi was launched on December 9 following the arrest of Luigi Mangione in Altoona, Pennsylvania.
The memecoin initially had a market capitalization of $29 million before surging to $60 million when the arrest was confirmed by relevant authorities.
The token which was launched by a bunch of anonymous traders is currently trading on Raydium and is the rave of the moment given the waves the murder case story is making across the world.
The $LUIGI token benefits directly from the arrest and the subsequent media attention of its principal character boosting the token’s popularity and value.
Luigi Mangione, the alleged American CEO Killer
Brian Thompson the CEO of UnitedHealthcare was gunned down on live video in Manhattan New York to the shock and dismay of a global audience. The amateur footage which has now been viewed millions of times showed a hooded suspect walking up to the deceased and shooting him from the back.
- The suspect proceeded to escape the scene on a Bicycle sparking a manhunt that only yielded fruit recently.
- The suspect according to the police is Luigi Mangione an Italian American who wrote a manifesto disparaging corporate America before carrying out the dastardly act.
The $Luigi memecoin is still feeding off the hype surrounding the case like most hype-based memecoins with its market cap surging erratically.
The Farce of Hype-based Memecoins
Hype-based memecoin like $Luigi are increasingly losing appeal amongst crypto traders due to a recurring pattern with them. In the wake of recent market activity, numerous new-cycle memecoins have been disappointed with their inability to break all-time highs.
Meme tokens like $Luigi are inspired by hysteria and they potentially cross the line between tragedy and speculation. Experts caution that there are dangers in playing with such whiff-of-miracle assets which are highly susceptible to volatility and rug pulls.
Hype-based Memecoins like Luigi feed off the fear of missing out and viral stories of people who made it big backing memecoins. This often leads to a surge in the market cap of such memecoins before inevitably collapsing losing holders huge sums of money.
What to Know
- The suspect and alleged killer of Brian Thompson was traced using a street camera image of him chatting with a roadside vendor before he carried out the assassination.
- Memecoins are crypto assets backed by internet memes or popular figures. They often lack real-world utility and are very volatile.