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Source: shutterstock.com/rawf8
Since yesterday, the world has been mourning the loss of Queen Elizabeth II. The late queen of the United Kingdom reigned for around 70 years, marking the second longest term of any monarch of a sovereign state. But as countries around the world pay tribute to her memory, investors have found a different way to honor the monarch: Queen Elizabeth cryptocurrencies.
A new wave of Queen Elizabeth II-themed cryptos is flooding the market right now, including meme tokens and NFTs. The creators have cashed in on almost every popular topic in crypto, from doecoin (DOGE-USD) a Shiba Inu (SHIB-USD) Y Floki Inu (FLOKI-USD). Now, this new trend is conquering the digital investment communities.
Here’s what investors need to know about emerging Queen Elizabeth cryptos.
Inside Queen Elizabeth’s Crypto
In the last 24 hours, developers have released many Queen Elizabeth II-themed cryptocurrencies in the Binance (USD-BNB) Smart chain and Ethereal (ETH-USD) blockchain networks. The growing list includes names like Queen Elizabeth Inu, save the queen, QueenDogo, rip queen elizabeth Y London Bridge is down. Some of these Queen Elizabeth cryptos have also done well in their limited lifespan. Citing data from Dex Screener, CoinTelegraph reports that Queen Elizabeth Inu recently increased more than 28,500%, reaching $0.00008 per token. However, the outlet explains that these cryptocurrencies lack real liquidity:
“It’s worth noting that both Queen Elizabeth Inu and Elizabeth have only $17,000 and $204,000 in liquidity behind them, indicating a lack of serious backing and short-lived pump-and-dump potential, similar to the infamous token from Squid Games that crashed and burned in October of last year.”
It is true that the rise of Queen Elizabeth’s cryptos is reminiscent of the squid game (SQUID-American dollar) cryptographic phenomenon. when it hits Netflix (NASDAQ:NFLX) Serie squid game captured the world’s fascination in late 2021, opportunistic developers quickly launched a token to cash in on the hype. Like Queen Elizabeth Inu, the token quickly rose in value. What InvestorPlace’s However, Brenden Rearick predicted that SQUID’s profits turned out to be “too good to be true”.
SQUID was unable to maintain any real momentum after its initial outburst, and quickly sank deep into the red. That is probably what we will see in these queen-themed tokens. After all, news and trending cryptocurrencies don’t often demonstrate real value, as we’ve seen on Tiger King Coin (TKING-USD) And it is odd pairs of tiles.
As seasoned investors already know, cryptocurrencies must demonstrate value in the real world in order to achieve sustainable growth. Even tentative ties to Elon Musk haven’t helped keep the pupcoins that inspired Queen Elizabeth Inu green. As interest in the demise of Queens finally fades, so will the value of the queen-themed crypto line.
God Save the Queen NFTs?
Having said that, Queen Elizabeth’s new NFTs May help some investors make a profit as there are many fans looking to pay tribute to his memory. Fortune reports that, just after Queen’s passing, “OpenSea and crypto exchanges were flooded with thousands of new Queen tracks.” [NFT] artworks.”
NFT investing can be seen as a means of investing in a celebrity’s legacy, as evidenced by NFT drops from Garry Kasparov Y Kobe Bryant. As a beloved public figure, Queen Elizabeth II-themed non-fungible tokens may increase in value in the coming months.
Some investors may be looking for NFTs dedicated to the late monarch to buy before they rise in value. That may also help Queen Elizabeth’s crypto rise in the short term. Still, her long-term future remains questionable at best.
On Small-Cap and Low-Volume Cryptocurrencies: InvestorPlace does not regularly post reviews on cryptocurrencies that have a market cap of less than $100 million or trade less than $100,000 in volume each day. This is because these “penny cryptocurrencies” are often the playground for scammers and market manipulators. When we post a comment about a low-volume crypto that may be affected by our comment, we ask that you InvestorPlace.comThe writers reveal this fact and warn readers of the risks.
Read more: How to avoid popular cryptocurrency scams
As of the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publishing Guidelines.
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