Baisakhi MishraYou’re in luck if your Bingo card said “A Congressional hearing on cryptocurrency will create a new cryptocurrency.” The House Financial Services Committee convened a hearing on Wednesday titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” In a nutshell, the hearing focused on cryptocurrencies. A few hours after getting launched, Mongoose Coin has a market cap of $2 million.
Mongoose Coin has a market cap of $2 million
Rep. @BradSherman: “The number one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be displaced by Doge which could be displaced by HamsterCoin and then there’s CobraCoin what could MongooseCoin do to CryptoCoin?” pic.twitter.com/iHbHaikpx0
— CSPAN (@cspan) December 8, 2021
Members of Congress asked a half-dozen CEOs from cryptocurrency businesses like Coinbase, Bitfury, and FTX questions about the industry’s future, regulatory issues, how it would affect banking and financial services, and more.
One House member’s line of questioning, on the other hand, is likely to be remembered long after the hearing is over. “The number one threat to Bitcoin is a cryptocurrency,” said Rep. Brad Sherman, a California Democrat. “Ether could supplant Bitcoin, which might supplant Doge, which could supplant Hamster Coin, and then there’s CobraCoin.” He joked, “What could Mongoose Coin do to CryptoCoin?”
A cryptocurrency named Mongoose Coin ($MONG) was developed shortly following Rep. Sherman’s remarks. Mongoose Coin has a market cap of $2 million after only a few hours and is up 320,000 percent since its debut. Following the Congressman’s remarks, Hamster Coin has also popped up. Unlike Mongoose Coin, HamsterCoin existed before Rep. Sherman’s remarks, which he confirmed at the hearing, despite the fact that he initially believed he was making it up as well.
Rep. Sherman’s words were obviously confused and didn’t land. However, the point he was trying to convey isn’t entirely incorrect. The US dollar may remain the standard global currency with fiat money, but other countries’ national currencies will continue to have value solely on the fact that they exist. Alternative coins crash, become worthless, and just vanish in the crypto world, as we’ve seen time and time again.
Hearings before Congress are frequently used as material for internet memes. Remember how often Mark Zuckerberg’s remark, “Senator, we run advertising,” was shared on social media? What could be more viral than senior politicians explaining something that the majority of tech-savvy young people already know?
Memecoins, of course, is a thing. The most well-known example is Dogecoin, a cryptocurrency that was largely developed as a joke and whose value rose close to a dollar earlier this year. Mongoose Coin, on the other hand, brings it all together: A meme coin born from a congressional hearing.
It’s completely ridiculous! However, all evidence point to Mongoose Coin being a classic crypto pump and dump, which means that some people may lose a considerable amount of money as a result of this “funny” meme.
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Also read: Bitcoin balance on exchanges hits 3-year low