A cryptocurrency based mostly on the favored Netflix docuseries Tiger King jumped in value after being talked about by a crypto YouTuber.
Tiger King Coin, which claims to be the “official coin of the Tiger King,” was launched in Could this 12 months on the Ethereum blockchain.
At round 5:45 a.m. EDT on Monday morning the token was value about $0.000004, up greater than 68 % over the previous 24 hours.
The buying and selling quantity, or the entire worth of tokens traded prior to now 24 hours, was up greater than 280 % to round $235,000, CoinMarketCap knowledge confirmed. The market cap of Tiger King Coin is unclear.
The token’s sudden rise got here a couple of hours after cryptocurrency and Dogecoin YouTuber Matt Wallace tweeted about it on Sunday evening. Wallace has round 223,000 Twitter followers.
Wallace mentioned at 5:25 p.m. BST: “I really feel like Tiger King Coin goes to go loopy when season 2 of Tiger King Comes. I’m shopping for it up quick.”
He then went on to state that the token is one in every of his three largest cryptocurrency holdings. It’s unclear if the token’s rise in value was instantly attributable to Wallace’s tweets.
The web site of Tiger King Coin claims the token has been “endorsed by the person himself,” referring to Joe Unique, the controversial zookeeper and focus of the Tiger King collection.
Unique, whose actual title is Joseph Maldonado-Passage, was sentenced to 22 years in jail in 2020 on counts of animal abuse, together with capturing tigers, and murder-for-hire.
In April 2020 the Humane Society of america mentioned amenities like Unique’s had been “merciless.”
Newsweek has contacted Maldonado-Passage’s official Twitter account for remark.
Tiger King Coin states that Unique has obtained a share of the entire token provide, and that “each purchase will improve the worth of his bag.”
The token’s roadmap exhibits that builders had been aiming to launch a non-fungible token market in June 2021, although this does not seem to have materialized.
It is not unusual for seemingly obscure tokens to abruptly leap in value for causes comparable to high-profile assist.
Risks and Dangers of Buying and selling
Tokens can sink in value as rapidly as they rise. Specialists have beforehand warned Newsweek in regards to the dangers and risks related to cryptocurrency buying and selling.
Final week, a cryptocurrency token known as Child Doge Coin jumped in value after Elon Musk tweeted “Child Doge, doo, doo, doo, doo, doo”—although it’s unclear if he was referencing Child Doge Coin or simply Dogecoin, the favored meme token he’s identified to assist.
And in Could, Musk tweeted a photograph of an indication that spelled out the phrase “Starbase” in glowing letters, probably to focus on a SpaceX rocket check web site.
That tweet brought about an apparently unrelated cryptocurrency sharing the identical title to rocket in value from $0.005 to $0.2, although it quickly plummeted and returned to about $0.01.