Despite the enthusiasm cryptocurrencies receive on the internet, the critics are right about one thing about blockchain-based digital currencies — it is too easy to launch a cryptocurrency. So much so that a new cryptocurrency called Mongoosecoin was launched after a US congressman criticised cryptocurrencies by making a remark in which he used made-up coins such as mongoose.
Rep. @BradSherman: “The number one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be displaced by Doge which could be displaced by HamsterCoin and then there’s CobraCoin what could MongooseCoin do to CryptoCoin?” pic.twitter.com/iHbHaikpx0— CSPAN (@cspan) December 8, 2021
According to Brad Sherman’s remarks, who is the representative of California’s 30th congressional district, the biggest threat to cryptocurrency is the cryptocurrency itself given how easily crypto coins could displace each other. He pointed out that Bitcoin could easily be displaced by Ether, which could also be displaced by Doge. And Hamstercoin could displace Doge, which could also be displaced by Cobracoin, he added, asking, “What could MongooseCoin do to CryptoCoin?”
A day after the congressman’s remarks, a new crypto token named Mongoose Coin popped up. The Twitter account of the cryptocurrency has attracted thousands of followers. On its official telegram group, the cryptocurrency claims to have crossed a market capitalization of $14 million.
After the crypto token took off, Sherman posted two pictures of a Mongoose eating a cobra and a hamster-like creature, presumably mocking the crypto world’s response to his remarks.
“This tweet is not intended to provide investment advice,” he wrote in his tweet.
According to Coinmarketcap, the sudden popping up of Mongoose Coin proves the point of crypto critics. In an interview with Bloomberg, Sherman explained that rising meme coins make it hard to place value in crypto. “How can you pay anything for a Hamster Coin, if a joke made by a bald congressman from LA at a hearing is gonna rip your Hamster Coin with its Mongoose teeth,” he told the news outlet. According to him, the rise of low-value meme coins is driven by greed.
Mongoose Coin’s rise can be seen in the context of the sudden rise of Dogecoin earlier this year when Tesla and SpaceX CEO Elon Musk tweeted about the meme cryptocurrency. One of the co-founders of Dogecoin, Jackson Palmer, is now a cryptocurrency critic himself. According to Palmer, “cryptocurrency is an inherently right-wing, hyper-capitalistic technology” amplified by its rich proponents who want to avoid tax and regulation and enforce an artificial scarcity.
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