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Will Smith Meme Token rises on Launch, but History Shows Such Rallies Rarely Last

30 Mar 2022 By : Coin Gabbar
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A tokenknown as Will Smith Inu (WSI) began trading on the decentralized exchange Uniswap (UNI)yesterday, 

with buyers rushing in as they attempt to capitalize on the (in)famousevent that unfolded during Sunday’s Oscars ceremony. However, similar coinscommonly end up on the ever-growing scrap heap.

The launch of the token followed the incident during whichHollywood actor Will Smith slapped his fellow actor and comedian Chris Rock onstage during the show. The slapping happened after Rock had made a joke aboutactress Jada Pinkett Smith, Smith's wife - specifically about her shaved head.Pinkett Smith has an autoimmune condition called alopecia. Created by an unknownperson or group of people, Will Smith Inu is not associated with Will Smith orthe Oscars in any way.

The details on the token project’s website are also scarce,with only a “Will Map” that outlines the project’s next steps created so far.In the “Will 1” stage, a ‘litepaper’ is set to be published, while the “Will 2”stage will see both a team expansion and the launch of a decentralizedautonomous organization (DAO), according to the website.

At press time on Tuesday, the Ethereum-based token was upmore than 440% since its launch on Uniswap, and is held by 591 uniqueaddresses, according to the token’s contract address.

Worth keeping in mind, however, is that other tokens createdin the past that were also inspired by amusing news events had rarely been goodinvestments.

Speaking during a hearing on digital assets inCongress, Sherman said that “Bitcoin could be displaced by ether, which couldbe displaced by doge, which could be displaced by hamster coin, and then thereis cobra coin,” before adding “now, what could mongoose coin do to cryptocoin?”

Despite moving up in price initially, many SQUID investorswere caught off guard when they realized that the token could not be sold,and developers said they were “depressed” and did “not want tocontinue running the project.”

In other words, the lesson to be learned is to tread carefullyand not randomly jump on the latest crypto creation unless you are fullyprepared to take a loss.