Benzinga - In a span of a few minutes after the demise of Berkshire Hathaway Vice Chairman Charlie Munger, a meme coin called MUNGER debuted on a decentralized exchange, Uniswap, Decrypt reported. The Ethereum-based token reported a surge of 191% in the past 24 hours while immediately after launch it saw a 31,500% jump.
Also Read: Charlie Munger Hated Bitcoin, So Does Warren Buffett — But For Completely Different Reasons
The past 24-hour trading volume is at $3.61 million with a liquidity of $26.96K and a market cap of $73.45K. The GeckoTerminal showed the memecoin, which is not even worth a penny, had already seen a drop of 50% in the past 6 hours.
It is the trend of such meme coins to capitalize on breaking news and pump the highly speculative tokens. A newly created CZ token was created after Changpeng Zhao’s resignation as Binance CEO saw an 18,000% jump.
The creators of such coins are anonymous, and they withdraw liquidity leaving investors just holding an empty bag.
Munger’s Thoughts: A longtime crypto hater and Warren Buffett's longtime friend and business partner, Munger said in early 2023, “I'm not proud of my country for allowing this crypto shit. It's worthless, it's no good.” He commonly termed Bitcoin as “rat poison.”
Read Next: With Charlie Munger's Death, Bitcoin's Greatest Critic Departs
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