The cryptocurrency market was immediately flooded with dozens of memecoins and NFTs depicting the face of Queen Elizabeth II after the queen died at the age of 96 years, last Thursday (8/9/2022).
Britain’s Queen Elizabeth II died Thursday afternoon in Scotland after ruling the British monarchy for 70 years. The news of the Queen’s death is not only sad for the British people but also for the world community.
Elizabeth II NFT Token Flood
As a final tribute before Queen Elizabeth II’s burial, over the past six hours several crypto experts are known to have launched 40 Queen Elizabeth II-themed NFT tokens on the Ethereum and Binance Smart Chain networks.
These include Queen Elizabeth Inu, Save the Queen, London Bridge is Down, Queen Grow, Queen Doge, Rip Queen Elizabeth, and Elizabeth II and Queen Inu II tokens.
Really Fantastic Price
This digital token has the highest bid among other Queen Elizabeth tokens, which is priced at 0.5 ETH or about 825 US dollars per token.
Not only the DexScreener digital market that experienced a surge in demand, citing Cointelegraph, another crypto trading platform, namely OpenSea, has recently been heavily invaded by Queen Elizabeth’s NFT, it was recorded that in the last few hours there have been at least 520 NFTs that have been launched in this market.
Stay Alert, Don’t Get Tired
Even though the popularity of the Queen Elizabeth token is currently on the rise, the 135,000 anti-crypto industry community warns investors to be careful before buying the token. They worry that the Queen Elizabeth-themed NFT price hike is part of a Pump and Dump scam.
Where the digital coin whose name is still a cloud in the ear is jacked up until the price soars, after the name of this coin skyrockets and the price is suddenly high, certain individuals or groups sell their crypto assets, causing the price to fall, aka dump. Similar to the Squid Games token which crashed and burned in October last year after the price jumped considerably.
We Flashback To Squid Game
Squid Game is not only popular in terms of cinema, but also affects the world of crypto tokens (cryptocurrency). However, investors have been scammed by the Squid Game token worth US$ 3.38 million or around Rp. 48 billion.
The digital token inspired by Squid Game, the South Korean Netflix series, has lost almost all of its value because it was declared a scam. The value of Squid, a token that markets itself as a “play-to-earn cryptocurrency”, has soared in recent days. In fact, the value of the Squid token had skyrocketed by thousands of percent.
Shortly “to the moon”, the Squid token was instead reported as a fraud. This happened because many criticized that Squid did not allow people to resell their tokens. This kind of scam is commonly called a “rug pull” by crypto investors.
This happens when digital token promoters attract buyers, stop trading activity and make money from sales. The developer of the Squid token has made around $3.38 million, according to tech site Gizmodo.