His speech inspired a bunch of mongoose-related tokens together with mongoose Coin, Son of mongoose and Baby mongoose.
Democratic representative for california Brad Sherman joked regarding however ridiculous a “Mongoose Coin” would get on Wed — and by Friday it had become a reality.
During Wednesday’s hearing on crypto at the House monetary Services Committee, Sherman spun a tale of an an lady who swallows larger and greater animals to eat the animals antecedently enveloped.
He likened this fable to cryptocurrencies dethroning one another, explaining that Bitcoin (BTC) may be unseated by Ethereum (ETH), that successively may be displaced by Dogecoin (DOGE), and so hamster Coin, and so cobra Coin.
“What may mongoose Coin do to Crypto Coin?” he asked. The African animal is after all far-famed for feeding other animals, as well as cobra snakes. it is a metaphor, geddit?
Sense of humor firmly intact, the crypto community responded by minting a batch of tokens relating to the speech long on Avalanche (AVAX), plane figure (MATIC) and Binance smart Chain (BSC).
The first coin that sprung into existence was mongoose Coin ($MONG), that includes a total market cap of $18.74 million with just below 3000 holders. “Named by Congress. created by the Mongress,” states the coin’s Twitter bio.
In a Medium post outlining the coin’s roadmap, a spokesperson from mongoose Coin wrote that $MONG is “A movement that captures the community’s fight against regulators, for freedom and for a common goal.”
Other iterations of mongoose Coin have additionally appeared like GOOSE, that has full-grown 48,287.67% over the past 24 hours, and MONG that has full-grown 4,301.13%. alternative Moongoose-related spinoffs like Son of mongoose ($SOM) and Baby mongoose (BMONGO) have additionally been created.
Later on within the hearing, Sherman asked: “will mongoose Coin always have a value?”
“I don’t know. I just made it up. It’s a joke. Although I said that about Hamster Coin, and then I found out there really was a Hamster Coin. It’s not fair to compare fiat currencies’ current system to what cryptocurrencies aspire to be.”
Hamster (HAM) is so a true token. On Thursday, HAM had a commerce volume of $113,570 at 6:30PM UTC, a couple of hours into the hearing. By 1:30AM UTC, the trading volume had surged by 624% to $822,139. it's down 18.6% over the last 24 hours and down 67.8% from its ATH in keeping with CoinGecko.
( Keira Wright, Cointelegraph, 2021)