Memecoin mania always trends, regardless of how the crypto world evolves or how many utility coins emerge. Following several tragic incidents, new meme tokens have been born; some have surged in price, while others have crashed due to their scammy nature.
The death of Charlie Kirk has brought pain to his allies but ignited opportunity in the memecoin world. And why? The 31-year-old conservative activist and the US President Trump’s ally was shot dead on September 10 at Utah Valley University while addressing the audience on his American Comeback Tour. His death has sparked the launch of memecoins, boosting another wave of meme culture in the crypto landscape.
How did Charlie Kirk’s death lead to the launch of memecoins?
Following Charlie Kirk’s death, two memecoins emerged — RIPCharlieKirk (CHARLIE) and JusticeforCharlie. The meme frenzies did not stop there. They even created different versions of the tokens, drawing the attention of memecoin lovers.
Worth noting, these tokens gained unprecedented price growth soon after launch. JusticeforCharlie tokens reportedly saw a 10000% hike soon after the launch, whereas RIPCharlieKirk’s trading volume skyrocketed to $256.3 million.
As usual, crypto experts have warned about potential rug pulls surrounding these tokens.
As a social activist and Trump’s ally, Charlie Kirk has gained attention among the US public. When public figures like Charlie Kirk die, the crypto world begins building hype over such incidents, creating new tokens, the typical meme culture.
Similar incidents that fueled memecoin launches
Charlie Kirk-related memecoins are not the first tokens launched following a tragic incident. Crypto trader Arnold Haro’s death sparked a memecoin frenzy, with the launch of MISTACOIN and ARNOLD. Jeffy Yu, the co-founder of Zerebro crypto, was reported dead, prompting the launch of the LLJEFFY memecoin; however, it was later revealed that he had faked his death.
The deaths of American wrestler Hulk Hogan and singer Ozzy Osbourne had also sparked a meme trend with HULK and OZZY coins gaining popularity.
How tragic incidents lead to the surge of opportunistic memecoins?
Tragedies turn into opportunistic tokens
When a tragedy happens – the death of a celebrity, crypto figure, or influencer- new memecoins lead the charge. Within hours, their price shoot to the moon, and then often nosedives, sometimes to nothingness.
Short-term hype and speculation from emotional shock
Several to most memecoins are based on hypes. As traders chase virality, specifically on Telegram and X, these tokens experience rapid inflows of money. Moreover, memecoin creators exploit the emotional shock to unfold coins and gain short-term profit. They are confident that people who are emotionally affected will buy the contextual memecoins.
High risk of rug pulls
The memecoin world has a lot of scams and rug pulls. Some abruptly launched tokens have met their dead ends. Since these coins are hastily launched, without a proper identity, they are very vulnerable to rug pulls, liquidity evaporation, and pump-and-dump schemes.
MUNGER, launched after billionaire Charlie Munger died in 2023, boomed, but crashed by 98%. Queen Elizabeth- related memecoins, QUEEN and ELIZABETH tokens, also failed fatally.
Long-term impacts on the memecoin market
Memecoins born out of such incidents can damage their reputation by being perceived as scams. Chances are high that regulatory bodies in several countries will scrutinize tragedy-themed memecoins.
Most importantly, repeated exposure to such memecoins can make the audience numb! They may no longer feel sadness, shock, or moral discomfort; in other words, they become emotionally attached to memecoins and detached from incidents.
Bottom Line
The rise of memecoins, unfolding after tragedies like the one involving Charlie Kirk, indicates both the volatility and speed of the crypto world. Tragedies are now acting as catalysts for memecoin launches. Apart from horrific incidents, memecoins have come out in the name of celebrities, political figures, and even animals, fictional characters, and internet memes. Some of the coins still exist due to their community-driven nature, while others burst like bubbles after a short surge. As more incidents unfold in the future, more memecoins will inevitably launch.
All you need to do is conduct your own research before investing in memecoins.
