What’s Next for LUIGI Coin After Hitting All-Time High?

10-12-2024

LUIGI Coin $60M Cap After Creator's Arrest: What’s Driving the Surge?

Luigi Inu Hits New Heights Amidst Controversy

Luigi Inu (LUIGI), a meme token inspired by the recent arrest of Luigi Mangione, has surged to a new all-time high with a market capitalization of $60 million.

This significant market movement coincided with the Pennsylvania police’s apprehension of Mangione on December 9th for the alleged murder of Brian Thompson, CEO of UnitedHealthcare. Initially, the token’s market cap reached $29 million before skyrocketing following the confirmation of Mangione’s arrest.

The Connection Between a Crime and Cryptocurrency

Originally launched by anonymous crypto traders, Luigi Inu (LUIGI) gained traction on Raydium, an automated market maker on Solana. The token’s connection to Mangione lies in the media frenzy surrounding his arrest. Mangione’s detention for the pre-planned attack and the subsequent surveillance footage helped catapult LUIGI’s popularity and market value.

Who is Luigi Mangione?

Luigi Mangione, according to police, is connected to the fatal shooting of Brian Thompson in Manhattan. Surveillance footage showed Mangione leaving the scene shortly after the attack. In the days leading up to his arrest, Mangione had published a manifesto filled with disparaging views about corporate America, which further fueled the virality of the LUIGI memecoin.

The Memecoin Phenomenon: Tragedy Meets Speculation

The recent market activity has seen numerous new-cycle meme tokens faltering in their ability to break all-time highs, leading many to question the notion of a “memecoin supercycle.” According to expert Alex Beene, these tokens often exploit the fear of missing out, using viral narratives and speculative appeal akin to sports betting. However, they often lack fundamental value and stability, making them highly volatile and risky investments.

A Tale of Two Tokens: LUIGI and $BRIAN

As netizens flock to trade LUIGI, many are drawn to its anti-establishment narrative, a sentiment that Mangione’s arrest and manifesto have seemingly inspired. However, this has sparked mixed reactions within the crypto community, with some condemning the incident and calling for justice for the victim. In response, a new token called $BRIAN has emerged, aimed at raising awareness and seeking justice for Brian Thompson.

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About the Author Sara Sethiya

Expertise coingabbar.com

Sara Sethiya is an experienced crypto journalist with five years of experience in blockchain research, price movements, and market analysis. With a background in mass communication and journalism, she specializes in data-driven news articles, in-depth market reports, and SEO-optimized content. As a team lead and content writer at CoinGabbar, she examines on-chain metrics, evaluates liquidity trends, and analyzes tokenomics to uncover market patterns. Her analytical approach helps traders and investors interpret market shifts, identify potential opportunities, and understand the broader impact of blockchain innovations on the financial ecosystem.