Queen Elizabeth II causes a surge in meme coins and NFT
The death of Queen Elizabeth II, the monarch of the United Kingdom and Commonwealth nations, on Thursday had a profound impact on the United Kingdom, as the pound fell, inflation rose, and a new prime minister was elected.
This has not prevented crypto degens from generating NFT pictures, caricatures, and artwork of the late monarch, as well as meme coins.
In the last twenty-four hours, more than forty cryptocurrencies with names like “RIP Queen Elizabeth,” “Queen Elizabeth Inu,” “God Save The Queen,” “Queen Doge,” “Elizabeth II,” and “London Bridge Is Down” debuted on decentralized exchanges on the BNB Smart Chain (BSC) and Ethereum.
Since its launch on Friday, the “Rise Of The King” token, a reference to the Queen’s successor King Charles, has risen by over 2,000%, according to Dex Screener, which maps prominent digital assets on Ethereum-powered Uniswap.
The Elizabeth coin has experienced a 24-hour trading volume of $6,1,000,000 on the BSC-based exchange PancakeSwap.
Most of the projects have little liquidity, which may signal a possibility for short-lived pump-and-dump schemes – traders should thus proceed with care.
The RIP Queen Elizabeth II “memorial” collection debuted on OpenSea with 522 pieces and has had the greatest activity among Queen-related NFTs on the marketplace. Yet, just 0.23 ETH ($394) worth of tokens has been sold.
While Queen Elizabeth tokens are new, non-fiat currencies are not. Supposedly, the Royal Mint, the manufacturer of British coinage, is developing an NFT.
Rishi Sunak, the nation’s previous finance minister, requested that the Royal Produce mint an NFT in April as part of a government initiative to have the country “lead the way” in crypto.
Regardless, at 96 years old, Queen Elizabeth II established a record as the longest-reigning head of state in modern times; it’s likely that the digital assets she inspired will not live as long.