How does the (alleged) United Health assassin make $62 million in under 24 hours?

WARNING: some of what you’re about to read may offend. Reader discretion is advised. But also, if you’re game enough, and prepared to completely shake free your concepts of capital allocation and utility, this might be the wildest story you’ll ever read about.

It all starts on February 13^th , 2010, when Japanese kindergarten teacher Atsuko Sato uploaded several photos to her blog of “Kabosu” her Shiba Inu dog. Then in 2013 one of those images was used in the creation of the “Doge” internet meme surrounded by colourful, slang, Comic Sans text.

It was Know Your Meme’s meme of the year in 2013. And it was subsequently used by Jackson Palmer and Billy Markus ,two computer engineers, to create the “Dogecoin” cryptocurrency on 6 December 2013.

Palmer and Markus quite literally they made Dogecoin as a joke, solely based off the popular meme. But over it took on a life of its own, growing a cult-like following and community to become one of the longest standing cryptocurrencies outside of bitcoin. Not only that, but its value also rose to a current marketcap today of more than $60 billion.

Dogecoin is recognised as the first memecoin (albeit technically it was created as a copy off another crypto called Bellscoin, which was a copy of Litecoin, but that’s another story).

In the following 11 years, the explosion of memecoins in crypto markets has become an often bewildering and sometimes embarrassing aspect of the increasingly important digital asset class.

Today, we’re witness to what is now the fourth cycle of memecoin mania in crypto markets.

The first was in 2013 with the launch of memecoins like Dogecoin.

The second in 2017 when crypto markets boomed as bitcoin hit $20,000.

The third in 2021, when the crypto market boomed again as bitcoin hit $60,000.

And the fourth memecoin mania has set in as bitcoin breaks $100,000.

The pattern is the same. Bitcoin booms, the crypto market booms, memecoins boom, fortunes minted…and then lost.

But it’s the tornado of memecoins launched to market (quite literally by anyone) that captures the hype and hope of digital natives looking to make fast money off memecoins that rise from nothing to billions in value.

This idea of minting a fortune from nothing is what crypto punters chase with memecoin mania. If Dogecoin can go from a joke to a $60 billion phenomenon, then what else can?

How about a crypto launched in 2020 that is a Dogecoin copy, based on the same Shiba Inu dog of the Doge meme, but just called Shiba Inu (SHIB)? You bet. Now worth $16 billion.

What about a crypto whose icon is the infamous symbol of the “alt-right” movement, Pepe the Frog? The same Pepe that has been used as a hate symbol, a symbol of protest and even used in a Presidential campaign. Of course. Now worth $10 billion.

What about an image of a cat with its mouth “popping” open? Called, Popcat (POPCAT). Surely not. Surely so. Now worth $1.2 billion.

Or an AI memecoin (literally pumped by an AI agent on X.com) called Goatseus Maximus (GOAT), based of frankly the most disgusting internet shock meme you’ve ever heard? Disgusting yes, worth nothing? Hold your horses. It topped $1.2 billion at its peak a few weeks ago.

In 2024 it’s never been easier for anyone to launch (and pump, and often dump) memecoins. It’s a part of the market that is often slated by critics and sceptics of crypto, but also is one of the wildest and fastest ways to seize big returns in any investment market.

So much so that when New York authorities raided the home of Mark Longo on October 30, seizing his pet Squirrel P’Nut (who had become an internet and social media sensation) and subsequently euthanizing P’Nut, a memecoin was created called Peanut the Squirrel (PNUT) and in the space of two weeks surged to a valuation of $1.8 billion.

And when the name Luigi Mangione was released this week as the alleged assassin of United Health CEO, Brian Thompson, you guessed it, a memecoin was created called Luigi Mangione (Luigi) surging from a market cap of around $37,000 to a market valuation of over $62 million in under 24 hours.

If there’s an internet meme, or something wild that captures the attention of people online, there’s a memecoin for it, regardless of how silly, wild, inappropriate or disgusting the meme.

And if you think it’s that crazy, I hope you realise the newly formed Department Of Government Efficiency (D.O.G.E), headed by Elon Musk and Vivek Ramaswamy is quite literally named after the Doge meme and Dogecoin.

Now by no means is the memecoin market one you should jump blindly into, unless you want to lose all your money. But there is opportunity in there if you know how to balance asymmetric risk.

I would suggest a memecoin based off an alleged murderer is likely not the play, however.

But if you are prepared to embrace internet culture, embrace the “cult of memes” and embrace extreme risk, there is always another Doge, Shiba Inu or Dogwifhat in every crypto cycle.

If you’re quick enough, and have the stomach for the risk, and the insanity, it can very easily be the most exciting investment you’ll ever make.