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The Memecoin Shenanigans Are Just Getting Started
The market for absurdist cryptocurrencies mutated into a hundred-billion-dollar phenomenon in 2024. Yes, things can get even more deranged.
Or a series of false promises masking a casino,” wrote Eddy Lazarin, CTO at the crypto division of the venture capital firm a16z, in April. On December 5, Hailey Welch of “Hawk Tuah” fame launched a coin, which lost 95 percent of its value in the first hours of trading, leading to an outcry. That same day, traders were throwing money at PNUT, a coin modeled after the celebrity squirrel euthanized late last year by the New York State Department of Environmental Conservation, currently valued at more than $1 billion.
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