U.S. Rep. Brad Sherman’s recent comments ridiculing the nature of cryptocurrencies like “Mongoose Coin” has resulted in a massive surge in the price of a coin by that very name.
What Happened: Speaking at a Wednesday hearing at the House Financial Services Committee, the California Democrat said the No. 1 threat to crypto is crypto itself.
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
He argued that Bitcoin (CRYPTO: BTC) could be displaced by Ethereum (CRYPTO: ETH), which in turn could be displaced by Dogecoin (CRYPTO: DOGE), Hamster Coin, Cobra Coin and so on.
“What could MongooseCoin do to CryptoCoin?” he joked.
No later than minutes after this mention, a crypto token, Mongoose (CRYPTO: MONG) was created.
It has amassed a market cap of $22.5 million in just two days, as per data from Dextools.
“Named by Congress. Made by Mongress,” reads the project’s Twitter bio. Its 3,000-plus holders have helped the price appreciate over 4,000% overnight. At its highest point, the token was up by 80,000%.
As of Friday morning, the coin’s total liquidity stands at a little over $2.8 million and its daily trading volume exceeds $11 million.
A number of other “Mongoose coin” spinoffs such as GOOSE, Son of Mongoose (SOM) and Baby Mongoose (BMONGO) were also created and experienced similar wild surges in price.
Hamster Coin (CRYPTO: HAM) surged 71% within 5 minutes of Sherman’s suggestion that it could replace Dogecoin.
Brad Sherman is running a pump and dump group from the floor of congress. https://t.co/19SuHaiQKz
— Miko Matsumura (@mikojava) December 9, 2021
Photo by Sander S on Unsplash.