This Week on Crypto Twitter: Revenge of the Memecoins

This Week on Crypto Twitter: Revenge of the Memecoins

Illustration by Mitchell Preffer for Decrypt

After a string of successive high octane weeks for the crypto industry, this week brought a much-needed dose of surreal absurdity and bullish optimism—namely, in the form of multiple high-flying memecoins.

First, in the immediate (we’re talking 15 minutes cold) wake of the death of famed Bitcoin hater and Berkshire Hathaway vice chairman Charlie Munger on Tuesday, a memecoin named after him spiked an astonishing 31,000%—before, of course, crashing to zero. Before the fall, degens pumped north of $4 million into the token.

Charlie Munger meme coin up 31,500% in the last hour

God would he hate this

— Michael McQuaid (@michaelgmcquaid) November 28, 2023

Just a day later, controversial American diplomat Henry Kissinger passed away at 100—triggering, you guessed it, a selection of eight Kissinger-themed coins across three blockchains (Choicest of them all? No doubt, Kissinger69ObamaBidenInu420). Collectively, the Kissinger coins saw over $250,000 worth of trading volume.

I just found out Henry Kissinger died, through the fact an alt coin appeared on my feed called “KISSINGER”.

— Tyler (@ApeDurden) November 30, 2023

Not to be outdone, Elon Musk delivered a distinctively off-the-wall (even for him) public appearance at a New York Times event on Thursday, which crescendoed with the world’s richest man repeatedly and expliciting telling Twitter advertisers—who recently abandoned the platform after Musk made an antisemitic post—to “go fuck yourself.”

Hi Bob 🤭@elonmusk

— Lofti Pixels (@loftipixels) November 30, 2023

Within hours, the outburst generated a slew of “Go Fuck Yourself” memecoins, including one with a $7.28 million market capitalization—no laughing matter.

How people take this industry seriously is beyond me.

— Bagsy (@Bagsy) November 30, 2023

Could the influx of such highly capitalized ridiculousness this week bode well for hopes of an imminent crypto bull market?

Well, in adult news, signs increasingly point to the Securities and Exchange Commission (SEC) coming, finally, to a decision on an intensely hyped spot Bitcoin ETF in early January.

Window is officially Jan 5th to Jan 10th. Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. Mark your calendars people.

— James Seyffart (@JSeyff) December 1, 2023

With optimism about the financial product—which analysts estimate could infuse the crypto market with over $1 trillion from traditional financial institutions and investors—at an all-time high, dreams of a bullish future on the horizon have overtaken the prevailing mood on Crypto Twitter.

Me after the #BitcoinETF gets approved.

— imo ⚡ (@imobbcs) December 1, 2023

Edited by Ryan Ozawa.