O.J. Simpson "Resurrected" in Meme Coins
Just a day after the death of former NFL star O.J. Simpson was announced, not only did memes related to this topic start appearing on social media, but meme coins themed around the event also popped up on decentralized cryptocurrency exchanges. The creators of these projects openly admit that their goal is to capitalize on the hype surrounding this tragic event.
The names of the new digital assets ranged from relatively neutral ("OJ Simpson", "RIP OJ Simpson") to blatantly mocking (“Expired OJ” or "Carefully Used Leather Gloves").
Despite their initial surge in value, these meme coins almost completely depreciated within just a few hours.
The OJ token’s price movement, April 14-15, 2024. Source: dexscreener
Meme Coin Mania
These shitcoins were created on the Solana and Base networks, which have become popular platforms for producing low-value assets due to low start-up costs. After the phenomenal success of tokens like BONK and WIF (the famous dog in a knitted hat), the mass creation of meme coins escalated into a frenzy.
The plethora of junk tokens on Solana led to network overloads and application malfunctions. Nonetheless, this has not cooled the ardor of crypto enthusiasts. Furthermore, new services have emerged that allow anyone to launch their own meme coin within minutes. For example, a platform aptly named “Pump” advertises that each project launched on its platform is a fair start, with no presales, no team tokens, and is protected against rug pulls.
Nowadays, triggers for launching these short-lived projects can be as trivial as viral events—such as Elon Musk’s controversial appearances or Joe Biden tripping on stairs—or as significant as the deaths of famous personalities like O.J. Simpson, Queen Elizabeth II, Charles Thomas Munger, or Henry Kissinger).
The Dark Side of Meme Coins
Meme coins are typically pursued for quick financial gain rather than long-term investment. They lack inherent value, thriving instead on hype and the thrill of speculation.
Beyond the significant risk of financial loss for investors, there's also a moral dimension: is there a special place in hell reserved for those who speculate on grief?
Exploiting someone's death for profit seems fundamentally wrong. Meme coins that capitalize on the deaths of celebrities turn these tragedies into fodder for jokes and trolling. The creators of these coins profit from misfortune, manipulating emotions and exploiting human vices, the foremost being the lust for quick gain.
But who is more unethical — the creator of the “Expired OJ” token or someone who quickly cashes in on its surge?
This poses a deep philosophical question.
The recent death of O.J. Simpson has once again illuminated the darker aspects of the meme coin market, where speculation and hype overshadow genuine value and rational thought. However, life isn’t meant to be lived entirely in solemnity—there's a place for entertainment, amusement, and even gambling. The real question is where the line is drawn; when does a "meme" cease to be amusing? This is another profound philosophical inquiry.
Is the market ready to tackle such philosophical debates? Considering that meme coins remain among the most profitable segments, it seems unlikely. Hence, perhaps it's best not to burden the market with these considerations.
