Cryptocurrency cash-grab as 'meme coins' seek to capitalise on Queen's death
The death of Her Majesty has sparked the creation of a number of so-called ‘meme coins’ looking to capitalise on the event.
Around 40 new coins have been spawned with names like ‘London Bridge is Down’, ‘Queen Elizabeth Inu’ and ‘Save The Queen’.
Meme coins are cryptocurrencies created with likenesses or names related to viral or newsworthy events in the hope that people will want to buy and trade with them.
And while news of our monarch’s death spread around the world, many sprang on the opportunity to create Queen-themed coins as a cash grab.
Activity on the Queen Elizabeth Inu coin spiked 18,688% in the last 24 hours with trading volume reaching $200,000 (£174,000). The amount was even higher – $700,000 (£608,000) – for the ‘Save The Queen’ coin according to Dex Screener.
Needless to say, the prices of these coins are extremely volatile and won’t be able to sustain any sort of value in the long-term.
Queen Elizabeth II dead: What happens next?
Her Majesty Queen Elizabeth II has died after 70 years on the throne, with her death announced by Buckingham Palace on September 8, 2022.
She died at the age of 96 at her home in Balmoral, with her son, the now King Charles, and daughter Princess Anne by her side.
- What happens next following the death of the Queen
- Will there be a bank holiday to mourn the Queen?
- Britain officially enters period of mourning after death of Queen
- King Charles coronation: When might it be and will it be a bank holiday?
- Map shows procession route for Queen lying in state
- Sign the book of condolence to Her Majesty
Follow Metro.co.uk’s live blog for the latest updates.
Cryptocurrency is a completely unregulated marketplace and those behind the Queen-based tokens are simply trying to cash in on Her Majesty’s death.
In fact, the creation of the coins has largely been met with disdain by the larger crypto community.
Bro let’s just pack it up.
We gotta stop this crypto shit. pic.twitter.com/EQIWuVKkiy
Not a good way to capitalize on an important and saddening moment by #crypto world.
Queen Elizabeth II passed away but crypto community saw an opportunity.
– Over 30 Queen themed tokens have been created
– On OpenSea there are different NFT collections on Queenâs passing away pic.twitter.com/QWulG3Gf5r
Several coins based on the name of the new King Charles III have also been introduced to the markets.
The Queen is said to have died peacefully with the now-King Charles and Princess Anne at her bedside at Balmoral in Scotland.
Family members including Prince William, Prince Harry and Prince Edward sadly missed their chance to say goodbye in person, reports claims.
The nation has entered a period of official mourning that will last until seven days after the funeral.
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