Following the passing of Queen Elizabeth II, crypto degens lost no time in dumping more than 40 new Queen-related meme tokens and hundreds of other nonfungible tokens (NFTs) in the same spirit onto the crypto market.
Over the past 24 hours, new tokens with names like Queen Elizabeth Inu, Save the Queen, Queen, QueenDoge, London Bridge is Down, and Rip Queen Elizabeth have been introduced on decentralized exchanges on Ethereum and the Binance Smart Chain (BSC).
The Queen Elizabeth Inu token on the BSC-based Pancake Swap has now experienced the most price value gain over the past 24 hours, with an eye-watering 28,506% pump to $0.00008000 at the time of writing, according to statistics from Dex Screener.
However, the Elizabeth token, which has witnessed $2.7 million worth of trade volume in less than 12 hours, dwarfs it with a $391,000 24-hour transaction volume. The asset has also experienced a parabolic 8,442% pump, sitting at $0.059931.
It’s important to note that Queen Elizabeth Inu and Elizabeth only have $17,000 and $204,000 in liquidity, respectively. This shows that they lack significant backing and raises the possibility of a quick pump and dump, similar to the infamous Squid Games token that crashed and burned in October of last year.
Of course, the 135,000-strong crypto-hating group r/Buttcoin has commented on the situation, with user woliphirl making fun of the U.K. will soon adopt the Queen Elizabeth II Commemorative token as their official money.
This was in reaction to a screenshot of a comment made in a post in the r/cryptocurrency community about how embarrassing this is for the entire crypto business.
RIP QUEEN ELIZABETH NFTs
Within hours of the queen’s passing, the RIP Queen Elizabeth project appeared on the NFT marketplace OpenSea.
Each of the 520 NFTs in the collection depicts the queen in an artistic manner with ominous overtones. The project has only generated 0.06 Ether (ETH) worth of sale volume, which is equivalent to about $101. This suggests that collectors have not yet gotten behind the project.