The death of the famous Monarch Queen Elizabeth II has impacted various industries of the world, including the media, entertainment, and even the crypto scene. In this article, we’ll be seeing the impact of the Queen’s passing on the crypto industry
Queen Elizabeth II was one of the greatest leaders in the world and her passing has brought the world together in honor of her legacy.
The digital market is one that never sleeps, something new and exciting always comes up. Be it the rise or fall of the market or a new token in circulation.
The latest follows the death of the Queen of England, with the crypto market experiencing an influx of new coins, digital artworks, and NFTs dominating the scene.
All these new tokens make some reference to the Queen. These tokens have drastically changed the market with their prices and values rising each day, what kind of effect will they have in the market, and for how long?
The passing of Queen Elizabeth II a few days ago not only had political implications but economical implications.
One of which was the pound sterling falling in value in comparison to the dollar and euro last week but that was considered the least of events to occur following her passing.
While the world showed their sentiments towards the tragic event, it seems many in the crypto market had few sentiments to spare with many meme coins and NFTs dispersed all over the digital market.
Queen Elizabeth II: A Short Biography
Elizabeth Alexandra Mary, more commonly known as Queen Elizabeth II was born in London on the 21st of April 1926.
She was the daughter of the duke of York who later became the King of England after her uncle abdicated the throne and she in turn became the heir to the throne.
She was married to Lieutenant Philip Mountbatten on the 20th of November, 1947. She ascended the throne after her father passed away on the 6th of February, 1952.
After an illustrious 70 years of ruling as the monarch of the United Kingdom, Queen Elizabeth II passed away at the age of 96 on the 8th of September, 2022 at Baltimore Castle in Scotland.
Her passing quite surprisingly had an effect on the crypto market with some implications.
Impact of Queen Elizabeth II’s death on the Cryptocurrency Industry
Just barely hours after the announcement of the queen’s passing, up to 30 new tokens were created.
Creators decided to make meme coins to capitalize on the event as meme coins are born out of the occurrence of a popular event and thrive on the support and hype of a community.
What are Meme coins?
Meme coins are used to capture rather humorous memes and represent them as a token, they are intended to make use of a big event (such as this) and even names to go viral and increase in value.
But they are incredibly volatile and only remain relevant as long as the interest of the audience last which is usually a short period after which their value falls.
Queen-related tokens
The Queen Elizabeth Inu one of such tokens reportedly spiked 28,500 percent on PancakeSwap,23,731% on Binance, and 3,708% on Uniswap as some reports suggested a few days ago, with minimal liquidity of around 17,000 dollars on PancakeSwap and other outrageous amounts across different platforms.
This is just one of many tokens like Queen Doge, London Bridge is down, Elizabeth II, RIP Queen Elizabeth, Queen Inu II, and the list goes on (even tokens of the new monarch King Charles III are already in circulation), each creator trying to get their slice of the profits.
These tokens have been considered by many slanderous to the memory of the queen with vile intentions to make a profit out of England’s loss, some creators insist that their tokens are made solely to honor the queen’s image but the reports on the market prove other motives.
Allegations even go as far as to assume these tokens had already been prepared prior to her death.
NFT market and the Queen’s death
The NFTs space reported that thousands of NFTs were uploaded within hours of her passing as well.
One collection on OpenSea the “RIP Queen Elizabeth Project” was released so quickly with up to 500 NFTs minted in the collection, each with a satirical depiction of the Queen.
Another named “RIP The Queen Official” boasts an outrageous amount of images- nearly 8000 with the queen being represented with various expressions in different scenes.
The bizarreness goes even further with yet another collection called “Queen Elizabeth 69 Years NFT” which has a picture of Queen Elizabeth for each year of her reign.
You can easily see the comedic approach with each NFT (some going as far as to give her lasers and an evil smile) but despite the fun and games, there have been big transactions made for these NFTs as one Fabio Seva sold an NFT in a collection called “QueenE” for around 2.73 ETH (over $4000).
Why are Queen-based tokens being made?
These creators while being disrespectful, are using this event to create huge returns, regardless of whatever intentions they claim to have, it is a norm these days to hop on a trend that ensures long-term profit within a short period of time.
What does the Queen’s death signal for the crypto market?
There’s a huge increase in the value and demand of these Queen Elizabeth-related digital assets, from the perspective of someone who isn’t too versed in trading, investing in the trend would be a palatable idea at face value but with in-depth analysis, the Queen’s death can mean two things for the market:
- A short-lived Bull market
- A possible pump and dump scheme
A short-lived Bull market
The market now enjoys a spike in prices. People will pay a lot to get their hands on some of these meme coins but the problem with these types of tokens is that there is no possibility for a long-term holding.
This current Bull market will only last as long as the news about the Queen stays relevant. The moment the dust settles in a few months, the value of these tokens will fall hard and probably not pick up again.
A possible pump and dump scheme
A pump and dump is a scenario where a particular cryptocurrency becomes very popular and is promoted in the mainstream, people are being encouraged to purchase such tokens resulting in a value spike of that specific coin.
Afterwhich those creators and promoters of the coins sell and claim huge profits causing investors to lose (similar to a pyramid scheme). One notable example of this is the case of the EthereumMax token, promoted by Kim Kardashian and Floyd Mayweather.
There’s no certainty in the backing of these meme coins, most likely once these coins gain enough traction, the creators can quickly sell and back away.
Conclusion
Even in death, one of the world’s greatest monarchs to ever rule can cause such a huge stir.
While it can be considered a good thing for those profiting from creating and trading these crypto assets, many others have expressed their disgust concerning the events in the crypto space chiding those that would aim to sully the memory of the queen just for economic gain.
One person tweeted in regards to the Queen being made an NFT just hours after her death:
“Of course they did..Not even how long when the world found out about her death and they already made an NFT of her…God, where is that meteor when you need it?”
This is just one of the many disapprovals from the world to the crypto creators.
