This Week on Crypto Twitter: Revenge of the Memecoins

Illustration by Mitchell Preffer for Decrypt

After a string of successive high octane weeks for the crypto industry, this week brought a much-needed dose of surreal absurdity and bullish optimism—namely, in the form of multiple high-flying memecoins. 

First, in the immediate (we’re talking 15 minutes cold) wake of the death of famed Bitcoin hater and Berkshire Hathaway vice chairman Charlie Munger on Tuesday, a memecoin named after him spiked an astonishing 31,000%—before, of course, crashing to zero. Before the fall, degens pumped north of $4 million into the token. 

Just a day later, controversial American diplomat Henry Kissinger passed away at 100—triggering, you guessed it, a selection of eight Kissinger-themed coins across three blockchains (Choicest of them all? No doubt, Kissinger69ObamaBidenInu420). Collectively, the Kissinger coins saw over $250,000 worth of trading volume. 

Not to be outdone, Elon Musk delivered a distinctively off-the-wall (even for him) public appearance at a New York Times event on Thursday, which crescendoed with the world’s richest man repeatedly and expliciting telling Twitter advertisers—who recently abandoned the platform after Musk made an antisemitic post—to “go fuck yourself.”

Within hours, the outburst generated a slew of “Go Fuck Yourself” memecoins, including one with a $7.28 million market capitalization—no laughing matter. 

Could the influx of such highly capitalized ridiculousness this week bode well for hopes of an imminent crypto bull market? 

Well, in adult news, signs increasingly point to the Securities and Exchange Commission (SEC) coming, finally, to a decision on an intensely hyped spot Bitcoin ETF in early January.

With optimism about the financial product—which analysts estimate could infuse the crypto market with over $1 trillion from traditional financial institutions and investors—at an all-time high, dreams of a bullish future on the horizon have overtaken the prevailing mood on Crypto Twitter.

Edited by Ryan Ozawa.

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