The value of some obscure tokens in the ‘meme coin’ ecosystem skyrocketed today after member’s comments USA congress during the hearing in House of Representatives from the US have become viral in the crypto community.
Commenting on Wednesday’s hearing on digital assets and the future of finance in the House Financial Services Committee, Brad ShermanCalifornia Democrat said:
“The number one threat to cryptocurrencies is the cryptocurrency itself. Bitcoin can be replaced by Ethereum, which can be replaced by Dogecoin, which can be replaced by Hamster. And then there is the Cobra token.”
The spokesperson then finally ended his comment by asking:
“What Can Mongoose Do With Cryptocurrency?”
Unsurprisingly, many in the crypto community have shared comments and videos from Deputy Sherman.
Perhaps more surprising than the fact that the community found Sherman’s comments funny, the prices of some of the mentioned tokens skyrocketed after the hearing, and one person jumped at the opportunity to create Mongoose Coin (GOOSE).
GOOSE is active on Binance Smart Chain (BSC) and the contract address indicates a total supply of 1 trillion GOOSE tokens. The price of the token has already increased by several hundred percent on the decentralized exchange (DEX) pancake exchangewhich seems to be the only place where it is traded so far.
“Other tokens never stood a chance. Mongoose Coin is here to disrupt the entire Brad Sherman meme coin ecosystem,” the people behind GOOSE wrote on the site.
GOOSE Price Evolution:
Meanwhile, Hamster (HAM) shares also rose today, adding 60% to their price at press time on Thursday. Trading volume in the last 24 hours has reached $1 million compared to $26 billion for bitcoin.
The BSC-based token has price data for June of this year and is ranked 603rd by market capitalization. CoinMarketCap.
HAM price dynamics:
Many community members also noticed the growth of HAM following Sherman’s comments, including the founder and CEO quantum economy, Mati Greenspanwho noted that the coin surged 71% after Sherman “suggested it could replace Dogecoin.”
Mati Greenspan’s tweet picked up Miko Matsumuraventure capitalist and advisor Celsius network (CEL), who jokingly stated that “Brad Sherman ran a congressional panel on price manipulation (pump and dump).”
Indeed, history has shown that for the same coins, the situation can change quickly.
The recently popular Shiba Inu (SHIB) is still dropping almost 60% from its high just over a month ago, while Dogecoin (DOGE), the most popular meme coin on the market, is down 75% compared to with a historical maximum in May.
Another more recent example is the Squid Game Token (SQUID), inspired by the popular TV series. netflix of the same name. Today, the token has experienced a near-total collapse from a high of over $500 to under $0.1 following allegations of fraud and project rigging.
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