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Will Smith Slap Inspires New Token And It Rallied 10,000% After Oscars Assault

Published 29/03/2022, 05:32
© Reuters. Will Smith Slap Inspires New Token And It Rallied 10,000% After Oscars Assault

A newly-created cryptocurrency inspired by Will Smith slapping Chris Rock at the 94th Academy Awards has seen a massive surge over the last day.

What Happened: A token called Will Smith Inu (CRYPTO: WSI) began trading on decentralized exchange Uniswap (CRYPTO: UNI) shortly after the events at the Oscars unfolded.

The Ethereum (CRYPTO: ETH)-based token amassed a trading volume of $3.65 million in the last day and has since lost most of its value. The token was still up 287% as of Tuesday morning.

As it is fairly simple to create a blockchain-based digital asset using the ERC-20 or BEP-20 token standard, meme-coin creators have often quickly capitalized on current trends to make quick profits.

In this case, the creator of the token reportedly made around 10 ETH or $33,000 while spending 4 ETH or $13,200 on creating the contract and supplying the initial liquidity.

Last year, a token inspired by Netflix (NASDAQ:NFLX) Inc’s (NASDAQ: NFLX) Squid Game saw a similar rise and fall in value. Despite being labeled an obvious scam, the token saw an 83,000% surge in price before crashing to zero.

Meme-coins Shiba Inu (CRYPTO: SHIB) and Floki Inu (CRYPTO: FLOKI) have also seen significant price rallies after Tesla Inc (NASDAQ: TSLA) CEO Elon Musk tweeted about naming his dog “Floki.”

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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