Since yesterday, the world has been mourning the loss of Queen Elizabeth II. The late queen of the United Kingdom reigned for about 70 years, marking the second-longest term of any monarch of a sovereign state. But while countries across the globe pay tribute to her memory, investors have found a different way to honor the monarch: Queen Elizabeth cryptos.
A new wave of Queen Elizabeth II-themed cryptos are flooding the market right now, including meme tokens and NFTs. Creators have cashed in on almost every popular theme in crypto, from Dogecoin (DOGE-USD) to Shiba Inu (SHIB-USD) and Floki Inu (FLOKI-USD). Now, this new trend is taking digital investment communities by storm.
Here’s what investors should know about the up-and-coming Queen Elizabeth cryptos.
Inside the Queen Elizabeth Cryptos
Over the past 24 hours, developers have launched many Queen Elizabeth II-themed cryptos on the Binance (BNB-USD) Smart Chain and Ethereum (ETH-USD) blockchain networks. The growing list includes names like Queen Elizabeth Inu, Save the Queen, QueenDoge, Rip Queen Elizabeth and London Bridge is Down. Some of these Queen Elizabeth cryptos have also even performed well in their limited lifespan. Citing data from Dex Screener, CoinTelegraph reports that Queen Elizabeth Inu recently spiked more than 28,500%, reaching $0.00008 per token. However, the outlet explains that these cryptos lack any real liquidity:
“It’s worth noting that both Queen Elizabeth Inu and Elizabeth have just $17,000 and $204,000 worth of liquidity behind them, indicating a lack of serious backing behind and a potential for short-lived pump and dump, similar to the infamous Squid Games token that crashed and burned in October last year.”
It’s true that the rise of Queen Elizabeth cryptos calls to mind the Squid Game (SQUID-USD) crypto phenomenon. When hit Netflix (NASDAQ:NFLX) series Squid Game captured the world’s fascination in late 2021, opportunist developers quickly launched a token to cash in on the hype. Like Queen Elizabeth Inu, the token quickly surged in value. As InvestorPlace’s Brenden Rearick predicted, though, SQUID’s gains turned to be “far too good to be true.”
SQUID failed to sustain real momentum after its initial pop, quickly slipping deep into the red. That’s likely what we’ll see from these queen-themed tokens. After all, news and fad-themed cryptos don’t tend to demonstrate real value, as we’ve seen from Tiger King Coin (TKING-USD) and its odd token peers.
As seasoned investors already know, cryptos must demonstrate real world value in order to achieve sustainable growth. Even tentative links to Elon Musk haven’t helped the pupcoins that inspired Queen Elizabeth Inu stay in the green. As interest in the Queens’ passing ultimately fades, so too will the value of the queen-themed crypto line.
God Save the Queen’s NFTs?
That said, new Queen Elizabeth NFTs may help some investors turn a profit, as there are plenty of fans looking to pay homage to her memory. Fortune reports that, just after the Queen’s passing, “OpenSea and crypto exchanges were flooded with thousands of newly minted Queen-themed [NFT] artworks.”
NFT investing can be seen as a means of investing in a celebrity’s legacy, as demonstrated by the NFT drops of Garry Kasparov and Kobe Bryant. As a beloved public figure, Queen Elizabeth II-themed non-fungible tokens may rise in value over the coming months.
Some investors may be searching for NFTs dedicated to the late monarch to purchase before their value rises. That may also help Queen Elizabeth cryptos rise in the short term. Still, their long-term future remains questionable at best.
On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
