This week on Crypto Twitter: Revenge of the Memecoins

Illustration by Mitchell Preffer for Decrypt

After a series of successive high-octane weeks for the crypto industry, this week brought a much-needed dose of surreal absurdity and bullish optimism – that is, in the form of multiple high-flying memecoins.

First, immediately after (we’re talking a cold 15 minutes) the death of famous Bitcoin hater and Berkshire Hathaway vice president. Charlie Munger on Tuesday, a memecoin named after him increased by a surprising 31,000%—before, of course, crashing to zero. Before the fall, degens pumped more than $4 million into the token.

Charlie Munger’s meme coin rose 31,500% in the last hour

God would hate this pic.twitter.com/9sU5BCSZB2

– Michael McQuaid (@michaelgmcquaid) November 28, 2023

Just one day later, controversial American diplomat Henry Kissinger died at age 100, prompting, as you may have guessed, a selection of eight Kissinger-themed coins on three blockchains (the most chosen of all? Without a doubt, Kissinger69ObamaBidenInu420). Collectively, the Kissinger coins recorded a trading volume worth more than $250,000.

I just found out that Henry Kissinger died, thanks to the fact that an altcoin appeared on my feed called “KISSINGER”.

– Tyler (@ApeDurden) November 30, 2023

Not to be outdone, Elon Musk made a distinctively extravagant (even for him) public appearance at a New York Times Thursday’s event, which climaxed with the world’s richest man repeatedly and explicitly telling Twitter advertisers, who recently left the platform after Musk made an anti-Semitic post, to “fuck off.”

Hi Bob 🤭@elonmusk pic.twitter.com/KnEIg7FAx8

– Lofti Pixels (@loftipixels) November 30, 2023

Within hours, the explosion generated a large number of Memecoins “Fuck you”including one with a market cap of $7.28 million, is no laughing matter.

I don’t understand how people take this industry seriously. pic.twitter.com/HVqSOvP5Vr

– Bagsy (@Bagsy) November 30, 2023

Could the influx of such highly capitalized ridiculousness this week bode well for hopes of an imminent cryptocurrency bull market?

Well, in adult news, signs increasingly point to the arrival of the Securities and Exchange Commission (SEC). finallyto a decision on a heavily publicized spot Bitcoin ETF in early January.

The window is officially January 5-10. In reality, this means that any potential approval order will arrive on Monday, January 8, Tuesday, January 9, or Wednesday, January 10. Mark your calendars, people. https://t.co/8ob8Y6pgU5

– James Seyffart (@JSeyff) December 1, 2023

With optimism about the financial product, which analysts estimate could infuse the cryptocurrency market with more than $1 trillion from financial institutions and traditional investors, at a reasonable price. its highest pointdreams of a bullish future on the horizon have overtaken the prevailing mood on Crypto Twitter.