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Despite the enthusiasm cryptocurrencies receive on the internet, the critics are right about one thing about blockchain-based digital currencies \u2014 it is too easy to launch a cryptocurrency. So much so that a new cryptocurrency called Mongoosecoin was launched<\/a> after a US congressman criticised cryptocurrencies by making a remark in which he used made-up coins such as mongoose.<\/p>\n Rep. @BradSherman<\/a>: “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<\/a>\u2014 CSPAN (@cspan) December 8, 2021<\/a><\/p>\n<\/blockquote>\n<\/div>\n According to Brad Sherman\u2019s remarks, who is the representative of California\u2019s 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<\/a>, which could also be displaced by Cobracoin, he added, asking, \u201cWhat could MongooseCoin do to CryptoCoin?\u201d<\/p>\n A day after the congressman\u2019s 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.<\/p>\n 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\u2019s response to his remarks.<\/p>\n \u201cThis tweet is not intended to provide investment advice,\u201d he wrote in his tweet.<\/p>\n 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. \u201cHow 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,\u201d he told the news outlet. According to him, the rise of low-value meme coins is driven by greed.<\/p>\n Mongoose Coin\u2019s 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<\/a>, \u201ccryptocurrency is an inherently right-wing, hyper-capitalistic technology\u201d amplified by its rich proponents who want to avoid tax and regulation and enforce an artificial scarcity.<\/p>\n Read all the Latest News<\/a>, Breaking News<\/a> and Coronavirus News<\/a> here. <\/p>\n<\/div>\n\n