Crypto markets are seeing a flood of Queen Elizabeth memecoins and NFTs
Crypto developers have wasted no time following Queen Elizabeth II’s passing, flooding the crypto market with more than 40 new queen-related meme tokens, and hundreds of new non-fungible tokens (NFTs) along the same lines.
New tokens launched on decentralized exchanges on Binance Smart Chain (BSC) and Ethereum in the last 24 hours include names such as Queen Elizabeth Inu, Save the Queen, Queen, QueenDoge, London Bridge is Down and Rip Queen Elizabeth.
According to data from Dex Screener, the Queen Elizabeth Inu token on BSC-based Pancake Swap has since had the biggest price gain in the last 24 hours with an eye-popping 28,506% pump to $0.00008000 at the time of writing.
However, its 24-hour trading volume worth $391,000 pales in comparison to the Elizabeth token, which has seen $2.7 million worth of trading volume in just under 12 hours. The asset has also had a meteoric pump of 8.442% to sit at $0.059931.
It’s worth noting that both Queen Elizabeth Inu and Elizabeth only have $17,000 and $204,000 in liquidity behind them, indicating a lack of serious support behind them and a potential for short-term pump and dump, similar to the infamous Squid Games- the token that crashed and burned last October.
The 135,000-strong crypto-hating community r/Buttcoin has of course weighed in on the matter, with user woliphirl joking that they were “feeling bullish, the UK will adopt the Queen Elizabeth II Commemorate token as its national currency in the coming weeks. ”
This came in response to a screenshot from a post in the ir/cryptocurrency community commenting on how embarrassing this looks for the crypto industry as a whole.
On NFT Marketplace OpenSea, the RIP Queen Elizabeth project has also sprung up within hours of the Queen’s passing.
There are 520 NFTs in the collection, with each token featuring artistic renderings of the Queen with sinister undertones. It seems that collectors have not jumped behind the project so far, as it has generated a sales volume of only 0.06 Ether (ETH) worth about $101.
Related: Liz Truss, who said Britain ‘should welcome cryptocurrencies’ will be the next Prime Minister
The amount of NFTs in the collection seems to indicate that the project’s creator was waiting for the right moment to launch the collection.
Queen Elizabeth II died aged 96 and was the longest-serving monarch of a sovereign country with 70 years and 214 days at the helm of England. She received strong support from English citizens and had the monarchy’s approval ratings of around 90% at times during her reign.
