A newly created cryptocurrency inspired by Will Smith punching Chris Rock at the 94th Academy Awards has seen a massive surge in the past day.
What happened: A token called Will Smith Inu WSI/USD started trading on the decentralized exchange Uniswap UNI/USD shortly after the events of the Oscars unfolded.
lmao of course it’s up 10k%. Why wouldn’t it be? pic.twitter.com/lOuBPllCEc— razor (@razoreth) March 28, 2022
The price is up 266% in the last hourMarch 28, 2022
The Ethereum ETH/USD-based token amassed trading volume of $3.65 million in the past day and has since lost most of its value. The token was still up 287% on Tuesday morning.
Since it is quite easy to create a blockchain-based digital asset using the ERC-20 or BEP-20 token standard, meme coin makers have often taken advantage of current trends to make quick profits.
In this case, the token’s creator would allegedly made about 10 ETH or $33,000 while spending 4 ETH or $13,200 creating the contract and providing the initial liquidity.
Last year, a token inspired by Netflix Inc’s NFLX Squid Game saw a similar rise and fall in value. Despite being labeled as an obvious scam, the token saw a price increase of 83,000% before crashing to zero.
Meme coins Shiba Inu SHIB and Floki Inu FLOKI have also seen significant price increases after Elon Musk, CEO of Tesla Inc. TSLA, had tweeted about naming his dog “Floki”.
This post Will Smith Slap Inspires New Token and It Rises 10,000% After Oscars Attack was original published at “https://www.benzinga.com/markets/cryptocurrency/22/03/26338517/will-smith-slap-inspires-new-token-and-it-rallied-10-000-after-oscars-assault”