Mongoose coin surges by 110,000%: Is it another scam?

3 min read | December 09, 2021 09:07 PM AEDT | By Manu Shankar

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Mongoose coin surges by 110,000%: Is it another scam? — Image source: Shutterstock.com

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Highlights

Mysterious Mongoose coin has already zoomed up by 110,000% over the 24 hours.

At the time of writing, it was trading at US$$0.01591 with a 24-hour volume of US$1,100,000.

Mongoose coin crypto didn't exist a couple of days back. Things started at the hearing of the US House Committee on Financial Services on Wednesday, 8 December, when Rep. Brad Sherman spoke about the possibility of a Mongoose Coin ruling the crypto market in near future on a lighter note. The news of a possible new crypto token spread like a wildfire among Twitterati and crypto enthusiasts.

The fun started when someone went ahead and created the Mongoose coin. As per the latest figures from DEX Screener, the coin has already zoomed up by 110,000% over the 24 hours. At the time of writing, it was trading at US$$0.01591 with a 24-hour volume of US$1,100,000. It has a live market cap of US$660,0000 with a total supply of 69,420,000 MONG coins.

Also read: Why Casinos and Online Gambling platforms are turning to cryptos

Created out of a Congressional hearing

During the hearing, Rep. Sherman said that the biggest threat to cryptocurrencies is crypto itself. He said that the threat is the Bitcoin can be replaced by Ether, which can again be replaced by Dogecoin or Hamster coin and so on. He then asked that amid all this frenzy, “what could a Mongoose Coin do?”

In a short while, someone launched the token, which led the Twitter world abuzz followed up by the token's significant spike. The Twitterati couldn't stop talking about the new coin. Following this, not only just Mongoose coin’s value appreciated, but the likes of Hamster Coin also saw a significant jump following Sherman's speech. Hamster coin was up by 67% and was trading at US$0.00000002431, with a 24-hour trading volume of US$3,129,481.

Also read: How NFT music platforms can give Spotify & YT a run for money

Is it a scam?

The sudden resurgence of a coin that was created overnight seems to be a case of pump and dump. It is not that the meme-based coins haven't done well in the past. One can never forget about Dogecoin, which is one of the top 20 cryptos per market cap at present.

But the overnight popularity of the Mongoose coin, without any significant backing, has created doubts among investors. After all, it doesn't have a website, social media profile so far, and such a significant rise without it being listed on any exchange is indeed surprising. The experts also believe that it would be better to ensure that it's not a case of another Squid Games.

Only time will tell if it's another scam or not, but at present it is enjoying the glory and grabbed many eyeballs.

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