Several tokens were created named after Henry Kissinger, the 100-year-old former U.S. Secretary of State who passed away on Thursday.
What Happened: Data from Dextools show at least 9 tokens were created under the name of Henry Kissinger in the last 24 hours.
These Kissinger-themed coins attracted over $307,000 in trading volume. The forefront of these is a wrapped Ethereum (CRYPTO: ETH) token, which experienced an astronomical surge of over 5,700% within an hour of its introduction on Uniswap.
Kissinger coins have also made their way to the Solana blockchain, trading via Raydium, and have appeared on the BNB Chain through PancakeSwap.
These tokens are named: "Kissinger,” “Henry Kissinger,” “Bourdiankissinger,” and many others. This comes days after “MUNGER,” a meme coin named after Charlie Munger, the former Vice Chairman of Berkshire Hathaway debuted on a decentralized exchange. The coin’s value skyrocketed by 31,000% before plummeting nearly to zero.
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Why It Matters: These tokens typically experience swift and unsustainable price inflation before an inevitable collapse. Anonymously created, these tokens are often subject to "rug-pulls,” where creators withdraw all funds from the project, leaving the coin worthless within days of its creation.
Low liquidity is another factor that can pose a risk to investment as it may lead to difficulty in buying or selling significant amounts of the asset without impacting the market price.
It's crucial to note that creating new cryptocurrencies is easily accessible to individuals with minimal technical knowledge, using Ethereum';s smart contract system or other blockchain mechanisms. Decentralized exchanges facilitate quick liquidity for these newly minted tokens.
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