California Democratic Representative Brad Sherman joked on Wednesday how ridiculous a “mongoose coin” would be – and by Friday it had become a reality.
During Wednesdays Hear Via crypto on the House Financial Services Committee, Sherman told a story of an old woman who swallowed larger and larger animals in order to eat the animals previously swallowed.
He compared this fable with Dethroning of cryptocurrencies each other and declare that Bitcoin (BTC) could be deposed by Ethereum (ETH), which in turn through Dogecoin (DOGE) and then Hamster Coin and then Cobra Coin.
“What could Mongoose Coin do with Crypto Coin?” He asked. The African animal is of course known to eat other animals, including cobra snakes. It’s a metaphor, Geddit?
representative @BradSherman: “The number one threat to cryptocurrencies is crypto. Bitcoin could be replaced by Ether, which could be replaced by Doge, which could be replaced by HamsterCoin and then there is CobraCoin, what could MongooseCoin do with CryptoCoin? ” pic.twitter.com/iHbHaikpx0
– CSPAN (@cspan) December 8, 2021
The first coin that emerged was Mongoose Coin ($ WANT), which has a total market capitalization of $ 18.74 million with just under 3,000 owners. “Named by Congress. Manufactured by the Mongress, ”it says on the coin Twitter bio.
Mongress> Congress https://t.co/Wf31q0tsrN
– Mungo $ mong $ mongfi (@mongoosecoineth) December 9, 2021
In one medium post To outline the coin’s roadmap, a spokesman for Mongoose Coin wrote that $ MONG is “a movement that captures the community’s struggle against regulators, for freedom and for a common goal”.
Other iterations of Mongoose Coin have also appeared, such as: GOOSE, which has grown 48,287.67% in the last 24 hours, and EXPECT that grew by 4,301.13%. Other Moongoose-related spin-offs such as Son of Mongoose ($ SOM) and baby mongoose (BMONGO) were also created.
Later in the hearing, Sherman asked, “Will Mongoose Coin always have value?”
“I don’t know. I just made it up. It’s a joke. Even though I said that about hamster coin, and then I found out there really was a hamster coin. It’s not fair, the current system of fiat currencies to compare with what cryptocurrencies are striving for. “
Hamster (HAM) is a real character indeed. On Thursday, HAM had trading volume of $ 113,570 at 6:30 p.m. UTC, a few hours after the hearing. By 1:30 a.m. UTC, trading volume had increased 624% to $ 822,139. It’s down 18.6% and 67.8% from its ATH in the past 24 hours, according to Coin Gecko.
Brad Sherman leads a pump-and-dump group from the convention hall. https://t.co/19SuHaiQKz
-Miko Matsumura (@mikojava) December 9, 2021
During an interview on Thursday, Sherman said Bloomberg that the “self-deprecating humor” of the crypto industry is a threat to itself, and that memes only seem to arouse greed.
“How can you pay for a hamster coin when a joke a bald-headed LA congressman made at a hearing tears your hamster coin apart with her mongoose teeth.”