A cryptocurrency commemorating the Oscars debacle was created in less than 24 hours after Will Smith stomped onto the Academy Awards stage and walloped Chris Rock.
And, as is customary, that meme coin is rapidly gaining in value.
The value of the Will Smith Inu currency has increased by 469 percent in the last 24 hours. That’s down 35% from the all-time highs set at 7:00 a.m. ET on Tuesday.
One Must Not Make Haste In Buying Meme Coins
Before you dive in—which we strongly advise against—be aware that you’ll still need 2.3 million Will Smith Inu coins to cash them in for a $1 note right now.
Veterans in the crypto field may recognise this type of behaviour.
Someone (often several people) will issue a coin around a pop cultural moment in the hopes of profiting from the press, then
The currency will either fade away or the makers will ditch it in a rug and walk away with hundreds, if not millions, of dollars. (Recall the uproar about the Squid Game token from last year.)
These currencies are never licenced (Kanye West successfully sued the makers of one imitation crypto few years ago), and investors rapidly abandon them.
The crypto fascination with Will Smith’s smack isn’t limited to tokens.
A DAO is currently selling cryptocurrency NFTs, and while the prices aren’t quite at the level of the Bored Ape Yacht Club, there are 2,000 of them, so the volume still adds up.
Looks Like Will’s Smack Has Shaken The Crypto World As Well.
Right now, a Will Smith Slap DAO NFT may be found for anywhere between $7 to $86.
The collective has sold 13.7 ether worth of NFTs thus far, totaling almost $47,000. They’re still being traded on OpenSea for the time being, although that marketplace has a reputation for being harsh on scam ventures.
Like the apparently endless number of Twitter memes and comments on the slap, these projects, like others riding on the coattails of this moment, are likely just seeking for a laugh.
When actual money is involved, however, there is always the possibility of deception. And even if the operators’ intentions are nothing more than sarcastic, investors are still likely to lose whatever they put into the assets.