After US Congressman Brad Sherman mockingly mentioned “Mongoose Coin” at a crypto hearing, it prompted a few crypto degens to launch a memecoin by the same name. Since its inception on December 8, the coin has shot up 320,000 percent and Sherman’s reference to the fictional token has spurred several others to pop up.
The Hamster, the Cobra and the Mongoose
California Democrat Sherman has become an overnight inspiration for token creators after denigrating the competitive world of cryptos. During a House Financial Services Committee hearing on crypto, the Congressman referenced a story of the old woman who swallows bigger and bigger animals to catch the previously swallowed animal, adding that “the number one threat to cryptocurrency is crypto”.
Sherman illustrated the point by saying that Bitcoin may be unseated by Ether, which in turn could be displaced by Doge, only to also be replaced by Hamster Coin and the Cobra Coin. He then added, by way of capping the rhetorical joke, “what could Mongoose Coin do to crypto coin?”
May this be a warning to all who dare to joke about crypto? Shortly after Sherman’s remarks, a token called Mongoose Coin ($MONG) was created and within just a few hours its market cap had ballooned to US$2 million, now up a massive 320,000 percent since launch.
Since the December 8 hearing, Sherman-inspired coins have been created on the Polygon, Avalanche and Binance Smart Chain networks, each with differing token supplies, which have performed accordingly. Mongoose Coin, for example, had a listed market cap of US$9 million, while Mongoose Coin DAO has a valuation of US$914,000. Sherman Coin is at US$148,000, according to Dextools.
After Sherman’s remarks, Hamster Coin, which existed prior to the hearing, also spun its wheel off the chart.
Although Sherman’s comments made for some light entertainment, his statements were jumbled and he just didn’t stick the landing. The point he was trying to make was, however, not entirely wrong. In the case of fiat money, the US dollar may be the standard global currency but national currencies of other nations will continue to hold values based on the very fact that they exist. As opposed to the real world, in crypto we see the cycle repeated time and time again – altcoins rise, flop, become worthless, and simply disappear.
Regulators Unsure How to Handle Cryptos
Right now, the US Senate House Committee on Financial Services is a source of entertaining meme-worthy moments but it remains one of the leading information disseminators regarding cryptos. In October, US Securities and Exchange Commission (SEC) chairman Gary Gensler confirmed that the regulator had no intention of banning digital currencies, instead saying that any such ban “would be up to Congress”.
However, a month earlier the SEC announced it was investigating Uniswap Labs, parent company of Uniswap, the world’s largest decentralised exchange. Apparently, the SEC has DeFi insights and aims to bring forth some regulation.
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