You’re in luck if you had “A Congressional hearing on cryptocurrencies will create a new cryptocurrency” on your Bingo card.
The US House Committee on Financial Services convened a hearing titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States” on Wednesday. In a nutshell, the hearing was about cryptocurrency.
A half-dozen CEOs from cryptocurrency firms such as Coinbase, Bitfury, and FTX answered questions from members of Congress about the industry’s future, regulatory issues, how it will affect banking and financial services, and other topics.
However, one House member’s method of questioning will most likely be remembered long after the hearing is over.
“The number one threat to cryptocurrency is crypto,” began Rep. Brad Sherman, a Democratic Congressman from California. “Bitcoin could be displaced by Ether, which could be displaced by Doge which could be displaced by Hamster Coin and then there’s CobraCoin.”
“What could Mongoose Coin do to CryptoCoin?” he joked, explaining how he just made it up.
Well, now Mongoose Coins do exist.
A cryptocurrency named Mongoose Coin ($MONG) was developed shortly following Rep. Sherman’s statements. Mongoose Coin has a market cap of $2 million after only a few hours and is up 320,000 percent since its introduction.
Following the Congressman’s remarks, Hamster Coin has also risen in value. Unlike Mongoose Coin, HamsterCoin existed prior to Rep. Sherman’s comments, which he confirmed during the hearing, despite the fact that he initially assumed he was making that one up as well.
Rep. Sherman clearly garbled his words and didn’t land on his feet. However, the point he was attempting to convey isn’t entirely incorrect. The US dollar may remain the standard global currency with fiat money, but the national currencies of other countries will continue to have value simply because those countries exist. As we’ve seen time and again in crypto, alternative coins crash, lose value, and just vanish.
Congressional hearings are frequently used as material for internet memes. Remember how many times Mark Zuckerberg’s “Senator, we run advertising” remark circulated on social media? What has greater viral potential than senior politicians explaining something that the majority of tech-savvy young people already know?
And, of course, memecoins exist. Dogecoin, a cryptocurrency that was founded mostly as a joke, is the most well-known example, with its value approaching a dollar earlier this year.
But, Mongoose Coin combines it all: A memecoin created out of a Congressional hearing.
It’s completely ludicrous! At the same time, all evidence points to Mongoose Coin being a classic crypto pump and dump, which means that some people may lose a considerable amount of money as a result of this “funny” meme.