Degens Celebrate the Death of Crypto Hater Charlie Munger with Meme Coin
Within 15 minutes of the announcement of Charlie Munger’s death, degens wasted no time in launching a meme coin called MUNGER on Uniswap, an Ethereum-based decentralized exchange. The token has seen a staggering 409% increase in the last 24 hours and initially experienced a surge of over 31,500%. However, it is currently valued at $0.00000001884 and has already dropped by 34% in the past hour. Despite its volatility, meme coin traders have managed to generate $3.57 million in trading volume since its launch. The market capitalization of MUNGER currently stands at just over $132,000 but is declining rapidly.
Munger’s Disdain for Crypto
Charlie Munger was a known critic of cryptocurrencies and expressed his disapproval multiple times. He referred to crypto as “worthless” and “no good,” comparing it to a venereal disease. Munger believed that the entire industry was “disgusting” and “beneath contempt.” He particularly despised Bitcoin, often describing it as “rat poison.”
The History of Meme Coins
Meme coins have a reputation for capitalizing on breaking news events to drive up the value of highly speculative tokens with questionable origins. Recently, the CZ token experienced an 18,000% surge following Changpeng Zhao’s resignation as Binance’s CEO. However, investors should be cautious as meme coins like MUNGER are often subject to “rug-pulling” by anonymous creators who withdraw liquidity and leave investors at a loss.
Hot Take: The Irony of Munger’s Passing
The death of Charlie Munger has ironically led to the rise of a meme coin that he would have despised. While degens celebrate their gains, Munger’s disdain for cryptocurrencies and his belief that they are detrimental to civilization continue to resonate. The volatile nature of meme coins like MUNGER highlights the risks associated with investing in these speculative tokens.
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