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Tribute or Quick Buck? Ozzy Osbourne and Hulk Hogan Meme Coins Pump and Dump
TL;DR
More Memes Popping up
Earlier this week, the world lost two legends of music and show business: the vocalist of Black Sabbath, Ozzy Osbourne, and the WWE Hall of Famer, Hulk Hogan. While fans across the globe paid tribute to their legacy, some members of the crypto community used the opportunity to launch speculative tokens related to them.
One example is the Solana-based meme coin HULKAMANIA (HULK) which debuted on July 24 and at one point experienced a 4,700% price surge. Currently, the asset trades at around $0.0003074 (according to data aggregator DEXTools), representing a 1,300% increase on a daily scale.
HULKAMANIA, Source: dextools.ioPrior to that, Ozzy The Otter (OZZY) – a meme coin related to the “Prince of Darkness” – also witnessed substantial price swings. The valuation skyrocketed by 180% to $0.00003260 on July 22 before heading south just as dramatically mere hours later. As of this writing, it hovers around $0.00001337, or a 60% decline from the peak.
OZZY Price, Source: dextools.ioMeme coin creators often exploit the deaths of famous people, capitalizing on the surge of public interest. They create speculative tokens related to late celebrities, hoping to trigger a FOMO effect among traders, which can quickly push prices up
People should tread carefully and research the matter thoroughly, as these coins don’t have real utility and are typically extremely volatile. Additionally, some members of the crypto community stand firmly against the launch of meme coins after famous people who have passed away, describing the move as immoral and even “disgusting.”
Not the First Time
The passing of the British Queen Elizabeth II in 2022 also gave inventive participants in the crypto industry the same opportunity.
Hours after the news of her death, several speculative tokens including “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,“ and “Queen Inu II“ popped up on some decentralized blockchain ecosystems
The prices of the aforementioned initially pumped hard but later retraced to virtually zero. Somewhat expected, the launch of the meme coins created controversy in the space. The X user ThreadGuy argued that anyone who tries to make profits from Queen Elizabeth’s death deserves to go to hell.