Shortly after the death announcement of Britain’s longest-reigning monarch, Queen Elizabeth II, there are 40 Queen-meme tokens and at least one NFT project that have been launched.
Buckingham Palace announced the death of Queen Elizabeth II on 9th September 2022. The news has spurred a lot of emotions and consolations from across the globe.
However, in the crypto ecosystem, a community that is prone to create cash-grab situations, crypto opportunists are not left behind.
The crypto market is now flooded with 40 new Queen-related meme tokens on the Ethereum and the Binance Smart Chain. There is also at least one exploitative NFT collection launched on the same basis.
Are the Queen-related memes just a quick buck?
Slightly over 24 hours after the annunciation of the Queen’s death, crypto opportunists have bombarded the market with queen-meme tokens such as “Rip Queen Elizabeth,” “Queen Elizabeth Inu,” “God Save The Queen,” “Queen Doge,” “Elizabeth II,” “London Bridge Is Down,” and “Queen Inu II”
DexScreener reveals that at least 40 recognizable Queen Elizabeth meme tokens have been launched in the past not less than 6 hours. Meme coins bearing the new ruler, King Charles Ⅲ are also in the space.
DexScreen indicates the Queen Elizabeth Inu token on the Binance Smart Chain has quickly gained value over the past 24 hours. The token has pumped to $0.0001260 up by 44,819% at the time of reporting.
On the other hand, the Elizabeth token is selling at $0.00001032 up by 9178% in the past 24 hours
Just a short-lived pump and dump?
What is more alarming is that the Queen Elizabeth Inu token has only a liquidity of $22,000. Whereas the Elizabeth token has a liquidity of $217000 behind it. Such liquidities clearly indicate there is no efficient backing of the token projects. Reflecting a potential of an impermanent pump.
The RIP Queen Elizabeth NFT Project also comes as another red flag. So far the NFT marketplace OpenSea has 520 NFTs of the Queen’s collection. The RIP Queen Elizabeth NFT has generated slightly over 0.06 Ether worth sale volume of approximately $101. Seems like the curator was waiting just for the right moment to launch their collection.
The crypto ecosystem is very prone to crypto heists. Many people especially beginner investors are most likely to fall into scams that arise from projects that aim to make profits. Just like the squid game token (SQUID), inspired by the legendary Netflix show. The SQUID token users could not sell their tokens and several crypto enthusiasts alleged that the coin was a cash-grab project.
The Crypto community is not pleased
The Queen’s inclusion on an NFT and meme coins seems not to please everyone. The crypto community, infamous for its dreadful sense of humor has reacted negatively to such.
One crypto trader enthusiast by the name Byzantine General rebuked the situation stating “we must stop this crypto shit.”
Another Twitter user DaAnimeGoatMan, showed his concern stating, “ not even how long when the world found out about her death and they already made an NFT of her… God where is the meteor when you need it?”
